Probably none of the above.
I don't think it's a requirement, though I could be wrong. I don't think it's a standard practice. I don't think it's overkill. It's some documentation in case the firearm comes back stolen, etc. As far as I know, there's no background check on the seller when he logs it into his inventory. He's just getting some data on his "supplier" in case there's a problem later down the line he'll have to explain.
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