Form 4 vs Form 1

Home Forums NFA Tracker Form 4 Questions Form 4 vs Form 1

This topic contains 2 replies, has 2 voices, and was last updated by  gernest2 1 year ago.

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  • #74711

    gernest2
    Participant
    • Posts: 19
    Join Date: 01/06/2016

    Does anyone have a good explanation on why form 1’s seem to process faster than form 4’s? I would assume that the protocol for approval is the same for both forms so why the difference?

  • #74831
    Fulliautomatix
    Fulliautomatix
    Participant
    • Posts: 36
    Join Date: 01/06/2016

    It’s my understanding that when they are processing a Form 4, its almost like when you buy a house. There’s a real estate attorney that does title work. Verifying that the property really exists, checking the title for liens, verifying that it is eligible be bought/sold, taxes are not in arrears etc. For a Form 4, there has to be a manufacturer that made the device with that serial number, a distributor who received it with that serial number, and sold it with that serial number, and a retailer who received it and sold it with that serial number, and then the end purchaser who fills out that Form 4.
    I think a Form 1 is faster because there is no “provenance” to be traced/tracked. For a Form 1, you’re the ‘manufacturer’. So the NFA paper trail starts with you. Just my opinion.

  • #74832

    gernest2
    Participant
    • Posts: 19
    Join Date: 01/06/2016

    Yeah never thought of it that way…

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