1. Short title This Act may be cited as the Fire Sale Loophole Closing Act . 2. Restrictions on the ability of a person whose Federal license to import, manufacture, or deal in firearms has been revoked, whose application to renew such a license has been denied, or who has received a license revocation or renewal denial notice, to transfer business inventory firearms (a) Restrictions Section 922 of title 18, United States Code, is amended by adding at the end the following: (aa) (1) (A) It shall be unlawful for a person who has been notified by the Attorney General that the Attorney General has made a determination to revoke a license issued to the person under this chapter to import, manufacture, or deal in firearms, or to deny an application of the person to renew such a license, to— (i) transfer a business inventory firearm of the person— (I) into a personal collection of the person; or (II) to an employee of the person, or to an individual described in section 923(d)(1)(B) with respect to the person; or (ii) receive a firearm that was a business inventory firearm of the person as of the date the person received the notice. (B) Subparagraph (A) shall not apply with respect to a license revocation or denial determination that is rescinded. (2) (A) It shall be unlawful for a person, on or after the effective date of the revocation of a license issued to the person under this chapter to import, manufacture, or deal in firearms, or (in the case that the application of the person to renew such a license is denied) on or after the date the license expires, to— (i) engage in conduct prohibited by paragraph (1)