“I would really appreciate an explanation of what this loophole is supposed to be, and perhaps of why it isn’t one.”
It is called a private sale. Essentially two guys in a parking lot, one hands over the cash, one hands over the gun. The gun-grabbers call it a loophole because they want the government in on all transfers of firearms, so they can eventually track them all down and confiscate them.
See post 64. Sounds more like what they are talking about.