Link to text of bill:
http://www.toomey.senate.gov/?p=press_release&id=968gun show and private transfer section:
SEC. 122. FIREARMS TRANSFERS.
(a) In General.-Section 922 of title 18, United States Code, is amended-
(1) by repealing subsection (s);
(2) by redesignating subsection (t) as subsection (s);
(3) in subsection (s), as redesignated-
(A) in paragraph (1)(B)-
(i) in clause (i), by striking "or";
(ii) in clause (ii), by striking "and" at the end; and
(iii) by adding at the end the following:
"(iii) in the case of an instant background check conducted at a gun show or event during the 4-year period beginning on the effective date under section 130(a) of the Public Safety and Second Amendment Rights Protection Act of 2013, 48 hours have elapsed since the licensee contacted the system, and the system has not notified the licensee that the receipt of a firearm by such other person would violate subsection (g) or (n) of this section; or
"(iv) in the case of an instant background check conducted at a gun show or event after the 4-year period described in clause (iii), 24 hours have elapsed since the licensee contacted the system, and the system has not notified the licensee that the receipt of a firearm by such other person would violate subsection (g) or (n) of this section; and";
(B) in paragraph (3)(C)(ii), by striking "(as defined in subsection (s)(8 ) )"; and
(C) by adding at the end the following:
"(7) In this subsection-
"(A) the term ‘chief law enforcement officer' means the chief of police, the sheriff, or an equivalent officer or the designee of any such individual; and
"(B) the term ‘gun show or event' has the meaning given the term in subsection (t)(7).
"(8 ) The Federal Bureau of Investigation shall not charge a user fee for a background check conducted pursuant to this subsection.
"(9) Notwithstanding any other provision of this chapter, upon receiving a request for an instant background check that originates from a gun show or event, the system shall complete the instant background check before completing any pending instant background check that did not originate from a gun show or event."; and
(4) by inserting after subsection (s), as redesignated, the following:
"(t)(1) Beginning on the date that is 180 days after the date of enactment of this subsection and except as provided in paragraph (2),
it shall be unlawful for any person other than a licensed dealer, licensed manufacturer, or licensed importer to complete the transfer of a firearm to any other person who is not licensed under this chapter, if such transfer occurs-
"(A) at a gun show or event, on the curtilage thereof; or
"(B) pursuant to an advertisement, posting, display or other listing on the Internet or in a publication by the transferor of his intent to transfer, or the transferee of his intent to acquire, the firearm."(2) Paragraph (1)
shall not apply if-"(A) the transfer is made after a licensed importer, licensed manufacturer, or licensed dealer has first taken possession of the firearm for the purpose of complying with subsection (s), and upon taking possession of the firearm, the licensee-
"(i) complies with all requirements of this chapter as if the licensee were transferring the firearm from the licensee's business inventory to the unlicensed transferee, except that when processing a transfer under this chapter the licensee may accept in lieu of conducting a background check a valid permit issued within the previous 5 years by a State, or a political subdivision of a State, that allows the transferee to possess, acquire, or carry a firearm, if the law of the State, or political subdivision of a State, that issued the permit requires that such permit is issued only after an authorized government official has verified that the information available to such official does not indicate that possession of a firearm by the unlicensed transferee would be in violation of Federal, State, or local law;
"
(B) the transfer is made between an unlicensed transferor and an unlicensed transferee residing in the same State, which takes place in such State, if-
"(i) the Attorney General certifies that State in which the transfer takes place has in effect requirements under law that are generally equivalent to the requirements of this section; and
"(ii) the transfer was conducted in compliance with the laws of the State;"(C) the transfer is made between spouses, between parents or spouses of parents and their children or spouses of their children, between siblings or spouses of siblings, or between grandparents or spouses of grandparents and their grandchildren or spouses of their grandchildren, or between aunts or uncles or their spouses and their nieces or nephews or their spouses, or between first cousins, if the transferor does not know or have reasonable cause to believe that the transferee is prohibited from receiving or possessing a firearm under Federal, State, or local law; or
"(D) the Attorney General has approved the transfer under section 5812 of the Internal Revenue Code of 1986.