Looks like if you have a tendency to let your Gun Collection get 'out of hand" the Feds might want more of your money, as written in Brady Bill II. Has this section been repealed?
SEC. 204. FEDERAL ARSENAL LICENSE.
(a) Offense.--Section 922 of title 18, United States Code, as amended by section 203(a), is amended by adding at the end the following new subsection:
"(x) It shall be unlawful for a person to possess more than 20 firearms or more than 1,000 rounds of ammunition unless the person--
"(1) is a licensed importer, licensed manufacturer, or licensed dealer; or
"(2) has been issued an arsenal license pursuant to section 923(m).".
(b) Arsenal License.--Section 923 of title 18, United States Code, aa amended by section 203(b), is amended by adding at the end the following new subsection:
"(m)(1) The Secretary shall issue an arsenal license if--
"(A) the applicant has--
"(i) filed a sworn application with the Secretary, stating--
"(I) the applicant's name, address, and date of birth;
"(II) that the applicant is at least 21 years of age; and
"(III) that the applicant is not prohibited from possessing or receiving a firearm under Federal, State, or local law;
"(ii) filed with the Secretary a certificate, dated within the previous 60 days, from the chief law enforcement officer of the applicant's State of residence, stating that the applicant has not exhibited such a propensity for violence, instability, or disregard of the law as may render the applicant's possession of an arsenal a danger to the community; and
"(iii) paid an arsenal license fee of $300 for a 3-year license period; and
"(B) the Secretary has determined that the information in the application is accurate, based in part upon name- and fingerprint-based research in all available Federal, State, and local recordkeeping systems.
"(2) The holder of an arsenal license shall be subject to all obligations and requirements pertaining to licensed dealers under this chapter.".
(c) Penalty.--Section 924(a)(5) of title 18, United States Code, as amended by section 203(c), is amended by striking "or (w)" and inserting "(w), or (x)".
(d) Effective Date.--The amendments made by section shall become effective on the date that is 180 days after the date of enactment of this Act.