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The Form 4473 contains the name, address, Driver's License or identification number, NICS background check transaction number, serial number and model of the firearm, and a short federal affidavit stating that the purchaser is eligible to purchase firearms under federal law. Lying on this form is a felony and can be punished by up to five years in prison in addition to fines, even if the transaction is simply denied by the National Instant Criminal Background Check System .

The dealer must keep the Form 4473 for twenty years and all records are subject to inspection by the ATF . The dealer also records all information from the form 4473 into his bound-book. A dealer must keep this log the entire time he is in business and is required to surrender the log to the ATF upon retirement from the firearms business. The ATF is allowed to request a copy of the 4473 from the dealer during the course of a criminal investigation.

In addition, the sale of two or more Handgun s to a person in a five day period must be reported to ATF on Form 3310.4 .

These forms are given the same status as a Tax Return under the Privacy Act Of 1974 and cannot be disclosed to private parties or government officials without a proper warrant.