; and (V) take any other action that the State determines appropriate; (N) the State shall promulgate rules and regulations to ensure the prompt collection, exchange, dissemination, and distribution of information pertaining to the issuance, renewal, expiration, suspension, or revocation of a covered license; (O) the State shall establish standards that are consistent with Federal and State law— (i) governing the transfer of a firearm or ammunition; and (ii) for identifying a prohibited individual, in accordance with section 3061(b); (P) the State shall promulgate rules and regulations that require a dealer or private seller of firearms or ammunition to verify the validity of a firearms license before the sale, rental, or lease of any firearm or the sale of any ammunition; (Q) a dealer or private seller of firearms or ammunition shall report all sales, rentals, and leases of firearms, and sales of ammunition, to State authorities; (R) a dealer of firearms or ammunition shall notify the licensing authority when presented with an invalid or expired firearms license; (S) any firearms licensee whose firearm or ammunition is lost or stolen shall report the loss or theft to the licensing authority and State authorities within a reasonable time frame and in a manner established by the State; (T) an individual holding a firearms license or firearms dealer license shall renew the license on a time frame established by the State; (U) an individual may not use the firearms license of the individual to purchase a firearm or ammunition for— (i) the unlawful use of the firearm or ammunition by another individual; or (ii) the resale or other transfer of the firearm or ammunition to an unlicensed individual