S. 468 — SECURE Firearm Storage Act

This section establishes security requirements for federally licensed firearms importers, manufacturers, and dealers (except as provided in 18 USC 923(j)) by adding subsection 923(m), which mandates that (1) when premises are closed, each firearm in business inventory must be secured at the premises either by a 1/4-inch hardened steel rod (locked with a protected shackle and anchored to prevent removal) inserted between the trigger guard and frame/receiver or stored in a locked fireproof safe, locked gun cabinet (with such a rod if not steel), or locked vault; (2) paper records of business inventory, transactions, and dispositions must be stored in a secure location such as a locked fireproof safe or vault; and (3) the Attorney General may require additional measures (e.g., alarms, security cameras, site hardening, or electronic record protections). It further requires license applications under 923(a) and (d)(1) to include a description of planned compliance with these requirements, with approval conditioned on the Attorney General's determination that the plan would achieve compliance. This section also adds penalties under new 924(q) for violations, including a civil penalty of $1,000-$10,000 for a first violation or series on the same date, license suspension (until cured) plus possible fine for a second, and license revocation plus possible fine for a third, with review under 923(f) and no preclusion of other remedies. Firearm storage requirements take effect 1 year after enactment, and paper record requirements take effect 90 days after enactment.