; and (ii) such other person has notified the Attorney General that the firearm has been loaned to the person, and the possession is during the loan period specified in the notice. (bb) (1) It shall be unlawful for a person to transfer a firearm or ammunition to a person who is not licensed under section 932(c)(1). (2) It shall be unlawful for a person to sell or give a firearm or ammunition to another person unless the person has notified the Attorney General of the sale or gift. (3) It shall be unlawful for a person to loan a firearm or ammunition to another person unless the person has notified the Attorney General of the loan, including the identity of such other person and the period for which the loan is made. (4) It shall be unlawful for a person holding a valid license issued under section 932(c)(1) to transfer a firearm to an individual who has not attained 18 years of age. (cc) A person who possesses a firearm or to whom a license is issued under section 932(c)(1) shall have in effect an insurance policy issued under section 932(d). . (2) Penalties Section 924(a) of such title is amended by adding at the end the following: (8) Whoever knowingly violates section 922(aa) shall be fined not less than $75,000 and not more than $150,000, imprisoned not less than 15 years and not more than 25 years, or both. (9) (A) Whoever knowingly violates section 922(bb)(1) shall be fined not less than $50,000 and not more than $75,000, imprisoned not less than 10 years and not more than 15 years, or both. (B) Whoever knowingly violates section 922(bb)(2) shall be fined not less than $30,000 and not more than $50,000, imprisoned not less than 5 years and not more than 10 years, or both. (C) Whoever knowingly violates section 922(bb)(3) shall be fined not less than $5,000 and not more than $10,000. (D) Whoever knowingly violates section 922(bb)(4) shall be fined not less than $75,000 and not more than $100,000, imprisoned not less than 15 years and not more than 25 years, or both, except that if the transferee of the