and on the firearm transferee, including the make, model, and serial number. (d) State licenses (1) In general Subsection (a) shall not apply to an individual in a State if the Attorney General determines that the State has a process for issuing a State firearm license to eligible individuals in the State with substantially similar requirements to those described in subsection (b). (e) Regulations The Attorney General may promulgate regulations that the Attorney General determines are necessary to carry out this section. . (b) Clerical amendment The table of sections for such chapter is amended by adding at the end the following: 932. License for the acquisition or receipt of firearms. . 3. Point-of-sale background check Section 922 of title 18, United States Code, is amended by adding at the end the following: (aa) Point-of-Sale background checks (1) In general It shall be unlawful for any person who is not a licensed importer, licensed manufacturer, or licensed dealer to transfer a firearm to any other person who is not so licensed, unless a licensed importer, licensed manufacturer, or licensed dealer has first taken possession of the firearm for the purpose of complying with subsection (t). (2) Compliance Upon taking possession of a firearm under paragraph (1), a licensee shall comply with all requirements of this chapter as if the licensee were transferring the firearm from the inventory of the licensee to the unlicensed transferee. (3) Return If a transfer of a firearm described in paragraph (1) will not be completed for any reason after a licensee takes possession of the firearm (including because the transfer of the firearm to, or receipt of the firearm by, the transferee would violate this chapter), the return of the firearm to the transferor by the licensee shall not constitute the transfer of a firearm for purposes of this chapter. . 4. Prohibition on transfer to certain unlicensed persons Section 922 of title 18, United States Code, as amended by section 3 of this Act, is amended by adding at the end