US SB367

Prohibits the importation, sale, manufacture, transfer, or possession of .50 caliber rifles, with exceptions for government agencies and rifles lawfully possessed before enactment

Reclassifies grandfathered .50 caliber rifles as firearms under the National Firearms Act, requiring owners to register them within 12 months of enactment at no fee

Creates a new federal firearms prohibition preventing sales or transfers to significant foreign narcotics traffickers and persons designated under the Foreign Narcotics Kingpin Designation Act

Removes liability protections under the Protection of Lawful Commerce in Arms Act for manufacturers or sellers who knowingly transfer firearms to persons prohibited under narcotics trafficking sanctions

Expands multiple firearm sales reporting requirements to include rifles, in addition to the existing requirements for pistols and revolvers