VA HB700

Establishes a mandatory five-day waiting period for all firearm purchases in Virginia, requiring the time to elapse from when the prospective buyer completes the consent form before the sale can be completed

Applies the waiting period to both licensed dealer sales and private firearm sales, with sellers required to obtain criminal history record verification through a designated licensed dealer

Exempts certain transactions from the waiting period, including sales to law enforcement officers, transactions at firearms shows with on-site background checks, and authorized gun buy-back programs

Makes selling or purchasing a firearm without waiting the required five days a Class 1 misdemeanor

Amends existing Code sections 18.2-308.2:2 and 18.2-308.2:5 to incorporate the waiting period into current background check requirements