To expand on this and respond to Mike J.’s post, when you fill out the application for the FFL 03, it clearly states that the license does not supersede state/other law. It also states it is not a license to carry, use, or possess a firearm (similarly stated for other FFLs, as well). A M1 Carbine is technically a C&R weapon. However, it is an “assault weapon” under NJ law. Getting one via a FFL 03 may be possible, but once you bring it into NJ, you are in violation of NJ law (second degree crime). Not a smart move, nor would be one I’d suggest... as it is clearly against the law (no gray area at all). Even getting a trapper model Winchester/Marlin, with a sub 16” barrel is “allowed” with a FFL 03... still can be jammed up by NJ law (a “sawed off shotgun...” which that definition still pisses me off). Getting an FFL to do shady crap is just a bad idea... pretty close to as bad of an idea of just doing shady crap. Magazine capacity (as specified under the law) is still 10 rounds whether you have a FFL 03 or not. Having that license doesn’t give you any benefit in regards to specific types of firearms over any other civilian within NJ. All it does is if you purchase a firearm from another FFL 03, you do not need to go through a FFL 01/NICS. It would be similar to a current private transfer... but would be recorded in both bound books. Is this something that is going to be super awesome for me when it comes back? No... at least while I am in NJ (well, discounts from some websites are good). Once I’m outside of NJ, and change the address (three year license), I’ll be able to have more latitude of what I can acquire. Handguns, rifles (M1 Carbine, specifically), and things considered “assault weapons” can then go straight to my home. Stuff in NJ, I’m sort of good on rifles... but I will say that there is always the chance I find something new that I’d like to pick up. I’d probably have a better chance at getting a pistol off the license than anything else (a CZ-52 is on my short list... also a Makarov; I also wouldn’t mind finding a few Browning designs prior to the 1911, as well as S&W revolvers). If you aren’t into older firearms, then getting the FFL 03 likely isn’t an awesome return on investment. But some of the early Colt ARs are starting to get C&R status... so definitely something to look forward to (again, outside of NJ).