Adds a new subsection (aa) to 18 U.S.C. 922 making it unlawful for unlicensed persons to transfer a firearm to other unlicensed persons unless a licensed importer, manufacturer, or dealer first takes possession to comply with subsection (t); prescribes that the licensee must treat the transfer as if transferring from inventory, that return of firearms not completing a transfer does not constitute a transfer, enumerates exceptions, and requires licensees to provide notice and obtain a certification on a form prescribed by the Attorney General.

Amends 18 U.S.C. 924(a)(5) by adding the new subsection (aa) to the list of subsections referenced for enforcement/penalty provisions (striking "(s) or (t)" and inserting "(s), (t), or (aa)").