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There is no law or rule that says an 03 FFL holder cannot sell his guns or trade up. But he can't "engage in the business" of buying and selling guns. Buy guns for a collection and sell one maybe a couple of times a year - OK. Buy a thousand guns at a time and peddle them to the local gang bangers - not OK.
To my limited knowledge, the only time C&R licensees get in trouble is when a crime gun is traced to them and it is revealed that guns they are doing business selling guns to the wrong people.
Jim
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