Ok , this is all i found so far: accurate?
1. You may only own a machine gun that was manufactured and registered with the BATF before May 19, 1986. Weapons manufactured after that date are restricted for Military and Law Enforcement use only.
2.An individual purchasing a “ National Firearms Act Weapon “, NFA weapon or class 3 weapon is required to pay a one time, $200 Federal Excise Tax fee.
3.To obtain an NFA weapon, you must first select one. The reason is, forms are required to transfer the weapon from seller to buyer, requiring specific information. There are several types of forms to accommodate these transfers. A form “3”, accommodates dealer to dealer transfers (Class 3, in or out of state). A form “4”, accommodates dealer to individual transfers, within the state. Unlicensed individuals may not transfer class 3 weapons directly into their state. An active Class 3 license is required to execute the transfer. If you hold an active standard FFL, you may transfer the weapon in directly, however the law enforcement signature, photographs, and fingerprint cards are still required, as well as the $200 FET.
4.The form “4” is quite simple. It will be filled out in duplicate by your Class 3 dealer, showing the current owner of the weapon and address, your name and address, description of the weapon and serial number, etc.. You will be given the forms, along with a set of fingerprint cards. On the back of the form is a place for your photograph and your local law enforcement official’s signature.
5.The required signature may come from a multitude of sources. The Chief of Police, the Sheriff, District Attorney, a Federal judge, State Chief of Police, etc.. Typically the person signing this form “4”, will conduct a background check on you, insuring that you are a person in good standing, within your community. In fact, even if you are a fine upstanding member of the community, you will find this part of the NFA weapon acquisition, the most difficult. Why? Most of the local law enforcement officials today, are no longer police officers, but unfortunately, appointed politicians. You will find that they typically do not sign such documents, with their eyes closed and will generally give a “no” response via a “clerk”, when you call up like “Lever Action Bubba” screaming that he has to sign this form, so you can have your machine gun. The “no” answer is to slow down 99% of the individuals that just think they want a class 3 weapon. If you are dealing with a clerk and not him directly, this is what you deserve. However, there is the remaining 1%, that will do something intelligent, like make an appointment to talk about the signature, maybe have a cup of coffee, etc..
6.After you have obtained an official signature, return the forms along with your photographs (taped to the back), your fingerprint cards, and your check for $200, (payable to The Department of the Treasury) to your dealer. All of this information, along with the FET fee, will be forwarded to the BATF and they will begin the process of transferring the ownership of the weapon to your name. No, you don’t give up all your rights at this point. Search warrants are still required by law, these days, even for an individual that owns a class 3 weapon.