Fair Federal Firearms Licensing Act

“(m)

“(1)

“(A) A person whose license issued under this chapter has expired, or is surrendered or revoked, shall liquidate the firearms inventory of any business subject to the license, by the end of the period described in subparagraph (B). During that period, the license shall continue to be considered valid.

“(B) The period described in this subparagraph is the 60-day period beginning with the effective date of the expiration, surrender, or revocation, plus such additional period as the Attorney General may allow on a showing of reasonable cause.

“(2) Paragraph (1) shall not apply with respect to a person if a United States district court for the judicial district in which the person resides or in which the principal place of business of the person subject to the license is located finds, by clear and convincing evidence, that the continued operation by the person of the business poses an immediate and grave threat to public safety.”

“(5) For purposes of this subsection, the term “willfully” means, with respect to conduct of a person, that the person knew of a legal duty, and engaged in the conduct knowingly and in intentional disregard of the duty. Repetition of a recordkeeping violation, regardless of frequency, shall not be considered evidence that the licensee committed the violation knowingly and in intentional disregard of a legal duty.”