Vote Smart's Synopsis:

Vote to pass a bill that establishes an interstate compact to regulate firearm transfers.

Highlights:

• Establishes an interstate compact to enact and maintain uniformity in regulations affecting firearm transfer laws (Art. 1).
• Authorizes the compact to govern each member state as they exist at the time of entry to the compact, superseding and repealing any conflicting state law (Art. III, Sec. 1).
• Specifies that any fees, taxes, penalties, mandates, or regulations imposed by federal law beginning on the effective date of this compact will establish a regulatory ceiling above which member states may not regulate (Art. IV, Sec. 1).
• Prohibits a member state within the compact from enacting or enforcing any law or regulation that would include the following regulations (Art. IV, Sec. 1):
• Imposing any fee, tax, penalty, mandate, or regulation governing or otherwise burdening in any respect the transfer of firearms by any individual; and
• Establishing or imposing any criminal or civil liability that is not already in effect before joining the compact.
• Specifies that a member state may only withdraw from or amend this compact during each of its respective legislative sessions occurring closest to every fifth year after the state agrees to be bound by the compact (Art. III, Sec. 3).
• Requires a two-thirds majority of member states within the first 3 years of the compact’s enactment to authorize any amendment (Art. III, Sec. 4).

Full Bill Text