SB1515 Summary

• Amends Illinois Criminal Code Section 24-3 to add a new exemption (4.1) from the firearm waiting period requirement for transfers of operable firearms in exchange for another operable firearm.

• Defines "another operable firearm" as any operable handgun exchanged for any operable handgun, or any operable long gun exchanged for any operable long gun.

• Maintains all other existing waiting period requirements: 72 hours for concealable firearms and 24 hours for rifles, shotguns, long guns, stun guns, and tasers.

• Preserves existing exemptions for law enforcement, mail orders to non-residents, firearm shows, federally licensed dealer sales, and World Shooting Complex events.

• Takes effect immediately upon becoming law.