HB1514 Summary

• Amends Illinois Criminal Code Section 24-3 to add a new exception to firearm waiting period requirements allowing transfers of operable firearms in exchange for another operable firearm (handgun for handgun or long gun for long gun) without mandatory 72-hour or 24-hour delays.

• Defines "application" as when buyer and seller reach agreement to purchase a firearm, and specifies that handgun-to-handgun and long gun-to-long gun exchanges are exempt from waiting periods.

• Maintains all existing prohibitions on firearm sales to minors, convicted felons, narcotic addicts, those with recent mental hospital admission, and individuals without valid Firearm Owner's Identification Cards.

• Preserves existing criminal penalties ranging from Class A misdemeanor to Class 1 felony depending on violation type, with enhanced sentences for violations near schools or public housing.

• Establishes statute of limitations of 6 years for violations of identification card requirements and 5 years for other violations.