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I've been out of the loop for the last 20 years... when I was selling guns here in Indiana, there was a required 7 day waiting period after registration... the gun is currently registered in my name with the state. It seems there should be a transfer of ownership to legally change the registration to the new owner.
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I don't know anything at all about IN guns laws 20 years ago, but according to the state's own FAQ, there is presently no registration requirement in the state. (I wish EVERY state would publish an easy-to-understand firearms FAQ!) Link here:
http://www.in.gov/isp/files/2010_Fir...ing_FAQ(3).pdf
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If I purchase a handgun from a private person, do I have to complete a transfer form?
No. Indiana does not require the completion of a form for a private purchase nor do you have to route the transfer through a dealer. Recommend reviewing statutes in IC 35- 47-2.5 which is the chapter regulating the sale of handguns in regards to a private sale or purchase. The department also recommends exchanging receipts to document the transfer.
Do I have to register my handgun in Indiana?
No. Indiana law does not require registration. Federal forms must be completed when purchasing a handgun from a dealer, but not private transfers or sales; however this is not a state registration program.
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emphasis mine)
If IN did in fact have a registration program 20 years ago, it is evidently no longer in force.
The federal 7-day waiting period went away when the national NICS instant background check system was implemented some years ago. Some states have since chosen to implement their own mandatory waiting periods, but IN is evidently not one of them. You may, however, be subject to a waiting period if the NICS check comes back as "DELAY", meaning that the check uncovered something hinky, and the FBI may need a few days to complete the check. (Delays are often caused by something relatively trivial, such as a criminal who lives in your area and simply has a name similar to yours.)
The federal DOJ Form 4473 that one fills out when buying a gun at a dealer does not formally constitute "registration"- tinfoil hat accusations to the contrary notwithstanding (let's not discuss that here.
). The approved forms are retained by the dealer for 20 years; the ATF does not get them unless the dealer ceases operation, or has to hand them over for specific investigative purposes. Also, the specific identity of the firearm is not discussed during the NICS phone call; only the general type of firearm is disclosed.