That’s the records on the NICS end.
For the 4437:
They go to the ATF if the store goes out of business.
If the store is sold but maintains the same FFL (for example if it’s a corporation) nothing at all happens to them.
If the store is sold but gets a new FFL, then the 4473’s (the records) of the old FFL are sent to the ATF.
They must be maintained by the store for at least 20 years. After 20 years the store can destroy them.
The “bound book” recording all firearms transactions eventually ends up in the hands of the ATF.
“For the 4437:
They go to the ATF if the store goes out of business.
If the store is sold but maintains the same FFL (for example if it’s a corporation) nothing at all happens to them.
If the store is sold but gets a new FFL, then the 4473’s (the records) of the old FFL are sent to the ATF.
They must be maintained by the store for at least 20 years. After 20 years the store can destroy them.
The “bound book” recording all firearms transactions eventually ends up in the hands of the ATF.”
It may be an Urban Legend, but during the obama years, I read of dealers reporting that during a BATF audit, the agents would photocopy EVERY 4473 the dealers had on file. No need to wait for the above changes.