[Jim K]

Your summary is excellent, but I think you need to place more emphasis on the fact that while some NFA items are legal (if registered) under Federal law, they may be illegal under state or local law. As a good example, suppressors (aka "silencers") are illegal in some states, and one state allows machineguns, but not semi-automatics or selective fire weapons, so an M3 SMG is legal, but a Thompson SMG is not.

BATFE will not allow transfer into a state or locality where the firearm would be illegal (the actual reason for the CLEO signature), but sometimes people will take an NFA firearm into an area where it is illegal, even if it is registered under Federal law.

Jim