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History(1850–1969) - In 1844, 23-year-old Henry Lehman, the son of a Jewish cattle merchant, immigrated to the United States from Rimpar, Bavaria.He settled in Montgomery, Alabama, where he opened a dry-goods store, "H. Lehman". In 1847, following the arrival of his brother Emanuel Lehman, the firm became "H. Lehman and Bro." With the arrival of their youngest brother, Mayer Lehman, in 1850, the firm changed its name again and "Lehman Brothers" was founded.During the 1850s, cotton was one of the most important crops in the United States. Capitalizing on cotton's high market value, the three brothers began to routinely accept raw cotton from customers as payment for merchandise, eventually beginning a second business trading in cotton. Within a few years this business grew to become the most significant part of their operation. Following Henry's death from yellow fever in 1855, the remaining brothers continued to focus on their commodities-trading/brokerage operations.The Lehmans were also involved in the Atlantic slave trade in the 1850s.By 1858, the center of cotton trading had shifted from the South to New York City, where factors and commission houses were based. Lehman opened its first branch office at 119 Liberty Street and 32-year-old Emanuel relocated there to run the office. In 1862, facing difficulties as a result of the Civil War, the firm teamed up with a cotton merchant named John Durr to form Lehman, Durr & Co Following the war the company helped finance Alabama's reconstruction. The firm's headquarters were eventually moved to New York City, where it helped found the New York Cotton Exchange in 1870; Emanuel sat on the board of governors until 1884. The firm also dealt in the emerging market for railroad bonds and entered the financial-advisory business.Lehman became a member of the Coffee Exchange as early as 1883 and finally the New York Stock Exchange in 87. In 1899, it underwrote its first public offering, the preferred and common stock of the International Steam Pump Company.Despite the offering of International Steam, the firm's real shift from being a commodities house to a house of issue did not begin until 1906. In that year, under Emanuel's son Philip Lehman, the firm partnered with Goldman, Sachs & Co., to bring the General Cigar Co. to market, followed closely by Sears, Roebuck and Company. During the following two decades, almost one hundred new issues were underwritten by Lehman, many times in conjunction with Goldman, Sachs. Among these were F.W. Woolworth Company, May Department Stores Company, Gimbel Brothers, Inc., R.H. Macy & Company, The Studebaker Corporation, the B.F. Goodrich Co. and Endicott Johnson Corporation.Following Philip Lehman's retirement in 1925, his son Robert "Bobbie" Lehman took over as head of the firm. During Bobbie's tenure, the company weathered the capital crisis of the Great Depression by focusing on venture capital while the equities market recovered.Traditionally a family-only partnership, in 1924, John M. Hancock became the first non-family member to join the firm, followed by Monroe C. Gutman and Paul Mazur in 1927. By 1928, the firm moved to its now famous One William Street location.In the 1930s, Lehman underwrote the initial public offering of the first television manufacturer, DuMont, and helped fund the Radio Corporation of America (RCA). It also helped finance the rapidly growing oil industry, including the companies Halliburton and Kerr-McGee. In the 1950s, Lehman underwrote the IPO of Digital Equipment Corporation. Later, it arranged the acquisition of Digital by Compaq.(1969–1984) - Robert Lehman died in 1969 after 44 years as the patriarch of the firm, leaving no member of the Lehman family actively involved with the partnership. Robert's death, coupled with a lack of a clear successor from within the Lehman family left a void in the company. At the same time, Lehman was facing strong headwinds amidst the difficult economic environment of the early 1970s. By 1972, the firm was facing hard times and in 1973, Pete Peterson, chairman and chief executive officer of the Bell & Howell Corporation, was brought in to save the firm.Under Peterson's leadership as chairman and CEO, the firm acquired Abraham & Co. in 1975, and two years later merged with the venerable, but struggling, Kuhn, Loeb & Co., to form Lehman Brothers, Kuhn, Loeb Inc., the country's fourth-largest investment bank, behind Salomon Brothers, Goldman Sachs and First Boston. Peterson led the firm from significant operating losses to five consecutive years of record profits with a return on equity among the highest in the investment-banking industry.By the early 1980s, hostilities between the firm's investment bankers and traders (who were driving most of the firm's profits) prompted Peterson to promote Lewis Glucksman, the firm's President, COO and former trader, to be his co-CEO in May 1983. Glucksman introduced a number of changes that had the effect of increasing tensions, which when coupled with Glucksman’s management style and a downturn in the markets, resulted in a power struggle that ousted Peterson and left Glucksman as the sole CEO.Upset bankers who had soured over the power struggle, left the company. Stephen A. Schwarzman, chairman of the firm's M&A committee, recalled in a February 2003 interview with Private Equity International that "Lehman Brothers had an extremely competitive internal environment, which ultimately became dysfunctional." The company suffered under the disintegration, and Glucksman was pressured into selling the firm.Merger with American Express (1984–1994) - Shearson/American Express, an American Express-owned securities company focused on brokerage rather than investment banking, acquired Lehman in 1984, for $360 million. On May 11, the combined firms became Shearson Lehman/American Express. In 1988, Shearson Lehman/American Express and E.F. Hutton & Co. merged as Shearson Lehman Hutton Inc.From 1983 to 1990, Peter A. Cohen was CEO and chairman of Shearson Lehman Brothers, where he led the one billion dollar purchase of E.F. Hutton to form Shearson Lehman Hutton. During this period, Shearson Lehman was aggressive in building its leveraged finance business in the model of rival Drexel Burnham Lambert. In 1989, Shearson backed F. Ross Johnson's management team in its attempted management buyout of RJR Nabisco but were ultimately outbid by private equity firm Kohlberg Kravis Roberts, who was backed by Drexel.Divestment and independence (1994–2008) - In 1993, under newly appointed CEO, Harvey Golub, American Express began to divest itself of its banking and brokerage operations. It sold its retail brokerage and asset management operations to Primerica and in 1994 it spun off Lehman Brothers Kuhn Loeb in an initial public offering, as Lehman Brothers Holdings, Inc.Despite rumors that it would be acquired again, Lehman performed quite well under chairman and CEO Richard S. Fuld, Jr.. By 2008, Fuld had been with the company for 30 years, and would be the longest-tenured CEO on Wall Street. Fuld had steered Lehman through the 1997 Asian Financial Crisis, a period where the firm's share price dropped to $22 USD in 1998, but he was said to have underestimated the downturn in the US housing market and its effect on Lehman's mortgage bond underwriting business. Fuld kept his job as the subprime mortgage crisis took hold, while CEOs of rivals like Bear Stearns, Merrill Lynch, and Citigroup were forced to resign. In addition, Lehman's board of directors, which included retired CEOs like Vodafone's Christopher Gent and IBM's John Akers were reluctant to challenge Fuld as the firm's share price spiraled lower.Fuld had a succession of "number twos" under him, usually titled as president and chief operating officer. Chris Pettit was Fuld's second-in-command for two decades until November 26, 1996, when he resigned as president and board member. Pettit lost a power struggle with his deputies (Steve Lessing, Tom Tucker, and Joseph M. Gregory) back on March 15 that year that caused him to relinquish its COO title, likely brought about after the three men found out about Pettit's extramarital affairs, which violated Fuld's unwritten rules on marriage and social etiquette. Bradley Jack and Joseph M. Gregory were appointed co-COOs in 2002, but Jack was demoted to the office of the chairman in May 2004 and departed in June 2005 with a severance package of $80 million, making Gregory the sole COO. While Fuld was considered the "face" of Lehman brothers, Gregory was in charge of day-to-day operations and he influenced culture to drive the bottom line. Gregory was demoted on June 12, 2008 and replaced as president and COO by Bart McDade, who had been serving as head of Equities, and McDade would see Lehman through bankruptcy. McDade would later be one of a handful of Lehman executives offered a position with Barclays after their acquisition; he would step down after less than two months.In 2001, the firm acquired the private-client services, or "PCS", business of Cowen & Co.and later, in 2003, aggressively re-entered the asset-management business, which it had exited in 1989.[45] Beginning with $2 billion in assets under management, the firm acquired the Crossroads Group, the fixed-income division of Lincoln Capital Management and Neuberger Berman. These businesses, together with the PCS business and Lehman's private-equity business, comprised the Investment Management Division, which generated approximately $3.1 billion in net revenue and almost $800 million in pretax income in 2007. Prior to going bankrupt, the firm had in excess of $275 billion in assets under management. Altogether, since going public in 1994, the firm had increased net revenues over 600% from $2.73 billion to $19.2 billion and had increased employee headcount over 230% from 8,500 to almost 28,600.At the 2008 ALB China Law Awards, Lehman Brothers was crowned:• Deal of the Year – Debt Market Deal of the Year• Deal of the Year – Equity Market Deal of the YearResponse to September 11, 2001 attacks - On September 11, 2001, Lehman occupied three floors of World Trade Center where one of its employees was killed in the terrorist attacks of that day. Its global headquarters in Three World Financial Center were severely damaged and rendered unusable by falling debris, displacing over 6,500 employees. The bank recovered quickly and rebuilt its presence. Trading operations moved across the Hudson River to its Jersey City, New Jersey, facilities, where an impromptu trading floor was built in a hotel and brought online less than forty-eight hours after the attacks. When stock markets reopened on September 17, 2001, Lehman's sales and trading capabilities were restored.In the ensuing months, the firm fanned out its operations across the New York City metropolitan area in over 40 temporary locations. The investment-banking division converted the first-floor lounges, restaurants, and all 665 guestrooms of the Sheraton Manhattan Hotel into office space.The bank also experimented with flextime (to share office space) and telecommuting via virtual private networking. In October 2001, Lehman purchased a 32-story, 1,050,000-square-foot (98,000 m2) office building for a reported sum of $700 million. The building, located at 745 Seventh Avenue, had recently been completed, and not yet occupied, by rival Morgan Stanley.With Morgan Stanley's world headquarters located only two blocks away at 1585 Broadway, in the wake of the attacks the firm was re-evaluating its office plans which would have put over 10,000 employees in the Times Square area of New York City. Lehman began moving into the new facility in January and finished in March 2002, a move that significantly boosted morale throughout the firm.The firm was criticized for not moving back to its former headquarters in lower Manhattan. Following the attacks, only Deutsche Bank, Goldman Sachs, and Merrill Lynch, of the major firms, remained in the downtown area. Lehman, however, pointed to the facts that it was committed to stay in New York City, that the new headquarters represented an ideal circumstance where the firm was desperate to buy and Morgan Stanley was desperate to sell, that when the new building was purchased, the structural integrity of Three World Financial Center had not yet been given a clean bill of health, and that the company could not have waited until May 2002 for repairs to Three World Financial Center to conclude.After the attacks, Lehman's management placed increased emphasis on business continuity planning. Unlike its rivals, the company was unusually concentrated for a bulge-bracket investment bank. For example, Morgan Stanley maintains a 750,000-square-foot (70,000 m2) trading-and-banking facility in Westchester County, New York. The trading floor of UBS is located in Stamford, Connecticut. Merrill Lynch's asset-management division is located in Plainsboro Township, New Jersey. Aside from its headquarters in Three World Financial Center, Lehman maintained operations-and-backoffice facilities in Jersey City, space that the firm considered leaving prior to 9/11. The space was not only retained, but expanded, including the construction of a backup-trading facility. In addition, telecommuting technology first rolled out in the days following the attacks to allow employees to work from home was expanded and enhanced for general use throughout the firmJune 2003 SEC litigation - In June 2003, the company was one of ten firms which simultaneously entered into a settlement with the U.S. Securities and Exchange Commission (SEC), the Office of the New York State Attorney General and various other securities regulators, regarding undue influence over each firm's research analysts by its investment-banking divisions. Specifically, regulators alleged that the firms had improperly associated analyst compensation with the firms' investment-banking revenues, and promised favorable, market-moving research coverage, in exchange for underwriting opportunities. The settlement, known as the "global settlement", provided for total financial penalties of $1.4 billion, including $80 million against Lehman, and structural reforms, including a complete separation of investment banking departments from research departments, no analyst compensation, directly or indirectly, from investment-banking revenues, and the provision of free, independent, third-party, research to the firms' clients.Rise of mortgage origination (1997-2006) - Lehman was one of the first Wall Street firms to move into the business of mortgage origination. In 1997, Lehman bought Colorado-based lender, Aurora Loan Services, an Alt-A lender. In 2000, to expand their mortgage origination pipeline, Lehman purchased West Coast subprime mortgage lender BNC Mortgage LLC. Lehman quickly became a force in the subprime market. By 2003 Lehman made $18.2 billion in loans and ranked third in lending. By 2004, this number topped $40 billion. By 2006, Aurora and BNC were lending almost $50 billion per month. Lehman had morphed into a real estate hedge fund disguised as an investment bank. By 2008, Lehman had assets of $680 billion supported by only $22.5 billion of firm capital. From an equity position, its risky commercial real estate holdings were three times greater than capital. In such a highly leveraged structure, a 3 to 5 percent decline in real estate values would wipeout all capital.Collapse - A March 2010 report by the court-appointed examiner indicated that Lehman executives regularly used cosmetic accounting gimmicks at the end of each quarter to make its finances appear less shaky than they really were. This practice was a type of repurchase agreement that temporarily removed securities from the company's balance sheet. However, unlike typical repurchase agreements, these deals were described by Lehman as the outright sale of securities and created "a materially misleading picture of the firm’s financial condition in late 2007 and 2008."Subprime Mortgage Crisis - In August 2007 the firm closed its subprime lender, BNC Mortgage, eliminating 1,200 positions in 23 locations, and took an after-tax charge of $25 million and a $27 million reduction in goodwill. Lehman said that poor market conditions in the mortgage space "necessitated a substantial reduction in its resources and capacity in the subprime space".In 2008, Lehman faced an unprecedented loss to the continuing subprime mortgage crisis. Lehman's loss was a result of having held on to large positions in subprime and other lower-rated mortgage tranches when securitizing the underlying mortgages; whether Lehman did this because it was simply unable to sell the lower-rated bonds, or made a conscious decision to hold them, is unclear. In any event, huge losses accrued in lower-rated mortgage-backed securities throughout 2008. In the second fiscal quarter, Lehman reported losses of $2.8 billion and was forced to sell off $6 billion in assets. In the first half of 2008 alone, Lehman stock lost 73% of its value as the credit market continued to tighten. In August 2008, Lehman reported that it intended to release 6% of its work force, 1,500 people, just ahead of its third-quarter-reporting deadline in September.In September 2007, Joe Gregory appointed Erin Callan as CFO. On March 16, 2008, after rival Bear Stearns was taken over by JP Morgan Chase in a fire sale, market analysts suggested that Lehman would be the next major investment bank to fall. Callan fielded Lehman's first quarter conference call, where the firm posted a profit of $489 million, compared to Citigroup's $5.1 billion and Merrill Lynch's $1.97 billion losses which was Lehman’s 55th consecutive profitable quarter. The firm's stock price leapt 46 percent after that announcement.On June 9, 2008, Lehman Brothers announced US$2.8 billion second-quarter loss, its first since being spun off from American Express, as market volatility rendered many of its hedges ineffective during that time. Lehman also reported that it had raised a further $6 billion in capital. As a result, there was major management shakeup, in which Hugh "Skip" McGee III (head of investment banking) held a meeting with senior staff to strip Fuld and his lieutenants of their authority. Consequently, Joe Gregory agreed to resign as president and COO, and afterward he told Erin Callan that she had to resign as CFO. Callan was appointed CFO of Lehman in 2008 but served only for six months, before departing after her mentor Joe Gregory was demoted. Bart McDade was named to succeed Gregory as president and COO, when several senior executives threatened to leave if he was not promoted. McDade took charge and brought back Michael Gelband and Alex Kirk, who had previously been pushed out of the firm by Gregory for not taking risks. Although Fuld remained CEO, he soon became isolated from McDade's team.On August 22, 2008, shares in Lehman closed up 5% (16% for the week) on reports that the state-controlled Korea Development Bank was considering buying the bank. Most of those gains were quickly eroded as news came in that Korea Development Bank was "facing difficulties pleasing regulators and attracting partners for the deal." It culminated on September 9, when Lehman's shares plunged 45% to $7.79, after it was reported that the state-run South Korean firm had put talks on hold.Investor confidence continued to erode as Lehman's stock lost roughly half its value and pushed the S&P 500 down 3.4% on September 9. The Dow Jones lost 300 points the same day on investors' concerns about the security of the bank. The U.S. government did not announce any plans to assist with any possible financial crisis that emerged at Lehman.The next day, Lehman announced a loss of $3.9 billion and its intent to sell off a majority stake in its investment-management business, which includes Neuberger Berman. The stock slid seven percent that day. Lehman, after earlier rejecting questions on the sale of the company, was reportedly searching for a buyer as its stock price dropped another 40 percent on September 11, 2008.Just before the collapse of Lehman Brothers, executives at Neuberger Berman sent e-mail memos suggesting, among other things, that the Lehman Brothers' top people forgo multimillion-dollar bonuses to "send a strong message to both employees and investors that management is not shirking accountability for recent performance."Lehman Brothers Investment Management Director George Herbert Walker IV dismissed the proposal, going so far as to actually apologize to other members of the Lehman Brothers executive committee for the idea of bonus reduction having been suggested. He wrote, "Sorry team. I am not sure what's in the water at Neuberger Berman. I'm embarrassed and I apologize."Short-selling allegations - During hearings on the bankruptcy filing by Lehman Brothers and bailout of AIG before the House Committee on Oversight and Government Reform, former Lehman Brothers CEO Richard Fuld said a host of factors including a crisis of confidence and naked short-selling attacks followed by false rumors contributed to both the collapse of Bear Stearns and Lehman Brothers. House committee Chairman Henry Waxman said the committee received thousands of pages of internal documents from Lehman and these documents portray a company in which there was "no accountability for failure".An article by journalist Matt Taibbi in Rolling Stone contended that naked short selling contributed to the demise of both Lehman and Bear Stearns. A study by finance researchers at the University of Oklahoma Price College of Business studied trading in financial stocks, including Lehman Brothers and Bear Stearns, and found "no evidence that stock price declines were caused by naked short selling".Bankruptcy - On Saturday, September 13, 2008, Timothy F. Geithner, then the president of the Federal Reserve Bank of New York, called a meeting on the future of Lehman, which included the possibility of an emergency liquidation of its assets. Lehman reported that it had been in talks with Bank of America and Barclays for the company's possible sale; however, both Barclays and Bank of America ultimately declined to purchase the entire company, in the former case because the British government (in particular, the Chancellor of the Exchequer Alastair Darling and the CEO of the Financial Services Authority Hector Sants) refused to allow the transaction at the last minute, quoting stockholder regulations in the UK, despite a deal having apparently been completed.The next day, Sunday, September 14, the International Swaps and Derivatives Association (ISDA) offered an exceptional trading session to allow market participants to offset positions in various derivatives on the condition of a Lehman bankruptcy later that day. Although the bankruptcy filing missed the deadline, many dealers honored the trades they made in the special session.Shortly before 1 am Monday morning (UTC−5), Lehman Brothers Holdings announced it would file for Chapter 11 bankruptcy protection citing bank debt of $613 billion, $155 billion in bond debt, and assets worth $639 billion. It further announced that its subsidiaries would continue to operate as normal. A group of Wall Street firms agreed to provide capital and financial assistance for the bank's orderly liquidation and the Federal Reserve, in turn, agreed to a swap of lower-quality assets in exchange for loans and other assistance from the government. The morning witnessed scenes of Lehman employees removing files, items with the company logo, and other belongings from the world headquarters at 745 Seventh Avenue. The spectacle continued throughout the day and into the following day.Later that day, the Australian Securities Exchange (ASX) suspended Lehman's Australian subsidiary as a market participant after clearing-houses terminated contracts with the firm. Lehman shares tumbled over 90% on September 15, 2008. The Dow Jones closed down just over 500 points on September 15, 2008, which was at the time the largest drop in a single day since the days following the attacks on September 11, 2001.In the United Kingdom, the investment bank went into administration with PricewaterhouseCoopers appointed as administrators. In Japan, the Japanese branch, Lehman Brothers Japan Inc., and its holding company filed for civil reorganization on September 16, 2008, in Tokyo District Court. On September 17, 2008, the New York Stock Exchange delisted Lehman Brothers.On March 16, 2011 some three years after filing for bankruptcy and following a filing in a Manhattan U.S. bankruptcy court, Lehman Brothers Holdings Inc announced it would seek creditor approval of its reorganization plan by October 14 followed by a confirmation hearing to follow on November 17.LiquidationBarclays acquisition - On September 16, 2008, Barclays PLC announced that they would acquire a "stripped clean" portion of Lehman for $1.75 billion, including most of Lehman's North America operations. On September 20, 2008, a revised version of the deal, a $1.35 billion (£700 million) plan for Barclays to acquire the core business of Lehman (mainly its $960-million headquarters, a 38-story office building in Midtown Manhattan, with responsibility for 9,000 former employees), was approved. Manhattan court bankruptcy Judge James Peck, after a 7-hour hearing, ruled: "I have to approve this transaction because it is the only available transaction. Lehman Brothers became a victim, in effect the only true icon to fall in a tsunami that has befallen the credit markets. This is the most momentous bankruptcy hearing I've ever sat through. It can never be deemed precedent for future cases. It's hard for me to imagine a similar emergency."Luc Despins, then a partner at Milbank, Tweed, Hadley & McCloy, the creditors committee counsel, said: "The reason we're not objecting is really based on the lack of a viable alternative. We did not support the transaction because there had not been enough time to properly review it."[citation needed] In the amended agreement, Barclays would absorb $47.4 billion in securities and assume $45.5 billion in trading liabilities. Lehman's attorney Harvey R. Miller of Weil, Gotshal & Manges, said "the purchase price for the real estate components of the deal would be $1.29 billion, including $960 million for Lehman's New York headquarters and $330 million for two New Jersey data centers. Lehman's original estimate valued its headquarters at $1.02 billion but an appraisal from CB Richard Ellis this week valued it at $900 million." Further, Barclays will not acquire Lehman's Eagle Energy unit, but will have entities known as Lehman Brothers Canada Inc, Lehman Brothers Sudamerica, Lehman Brothers Uruguay and its Private Investment Management business for high-net-worth individuals. Finally, Lehman will retain $20 billion of securities assets in Lehman Brothers Inc that are not being transferred to Barclays. Barclays acquired a potential liability of $2.5 billion to be paid as severance, if it chooses not to retain some Lehman employees beyond the guaranteed 90 days.Nomura acquisition - Nomura Holdings, Japan's top brokerage firm, agreed to buy the Asian division of Lehman Brothers for $225 million and parts of the European division for a nominal fee of $2. It would not take on any trading assets or liabilities in the European units. Nomura negotiated such a low price because it acquired only Lehman's employees in the regions, and not its stocks, bonds or other assets. The last Lehman Brothers Annual Report identified that these non-US subsidiaries of Lehman Brothers were responsible for over 50% of global revenue produced.Sale of asset management businesses - On September 29, 2008, Lehman agreed to sell Neuberger Berman, part of its investment management business, to a pair of private-equity firms, Bain Capital Partners and Hellman & Friedman, for $2.15 billion. The transaction was expected to close in early 2009, subject to approval by the U.S. Bankruptcy Court, but a competing bid was entered by the firm's management, who ultimately prevailed in a bankruptcy auction on December 3, 2008. Creditors of Lehman Brothers Holdings Inc. retain a 49% common equity interest in the firm, now known as Neuberger Berman Group LLC. In Europe, the Quantitative Asset Management Business has been acquired back by its employees on November 13, 2008 and has been renamed back to TOBAM.Financial fallout - Lehman's bankruptcy was the largest failure of an investment bank since Drexel Burnham Lambert collapsed amid fraud allegations 18 years prior. Immediately following the bankruptcy filing, an already distressed financial market began a period of extreme volatility, during which the Dow experienced its largest one day point loss, largest intra-day range (more than 1,000 points) and largest daily point gain. What followed was what many have called the "perfect storm" of economic distress factors and eventually a $700bn bailout package (Troubled Asset Relief Program) prepared by Henry Paulson, Secretary of the Treasury, and approved by Congress. The Dow eventually closed at a new six-year low of 7,552.29 on November 20, followed by a further drop to 6626 by March of the next year. Durvexity spiked, due to funding issues at the major investment banks.The fall of Lehman also had a strong effect on small private investors such as bond holders and holders of so-called Minibonds. In Germany structured products, often based on an index, were sold mostly to private investors, elderly, retired persons, students and families. Most of those now worthless derivatives were sold by the German arm of Citigroup, the German Citibank now owned by Crédit Mutuel.Ongoing litigation - On March 11, 2010, Anton R. Valukas, a court-appointed examiner, published the results of its year-long investigation into the finances of Lehman Brothers. This report revealed that Lehman Brothers used an accounting procedure termed repo 105 to temporarily exchange $50 billion of assets into cash just before publishing its financial statements. The action could be seen to implicate both Ernst & Young, the bank's accountancy firm and Richard S. Fuld, Jr, the former CEO. This could potentially lead to Ernst & Young being found guilty of financial malpractice and Fuld facing time in prison.According to The Wall Street Journal, in March 2011, the SEC announced that they weren't confident that they could prove that Lehman Brothers violated US laws in its accounting practices.[In October 2011 the administrators of Lehman Brothers Holding Inc. lost their appeal to overturn a court order forcing them to pay £148 million into their underfunded pensions plan.As of January 2016, Lehman has already paid more than $105 billion to its unsecured creditors. In addition, JPMorgan will pay $1.42 billion in cash to settle a lawsuit accusing JPMorgan of draining Lehman Brothers liquidity right before the crash. The settlement would permit another $1.496 billion to be paid to creditors and a separate $76 million deposit.Source: Lehman Brothers - Wikipedia

Maybe this will help, mind you it’s lengthy: This info is from the site: Ammunition Regulation: State by State | Giffords Law Center to Prevent Gun ViolenceAmmunition Regulation: State by StateAmmunition Regulation in AlabamaLast updatedNovember 8, 2019.Alabama law prohibits the possession or sale of brass or steel teflon-coated handgun ammunition or ammunition of like kind designed to penetrate bullet-proof vests. However, this prohibition does not apply to the possession or sale of teflon-coated lead or brass ammunition designed to expand upon contact.1Alabama does not:Require a license for the sale of ammunition;Require sellers of ammunition to maintain a record of the purchasers; orProhibit persons who are ineligible to possess firearms under state law from possessing ammunition, although the federal ammunition purchaser prohibitions apply.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in AlaskaLast updatedNovember 1, 2019.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.In Alaska, a state parole board may require as a condition of special medical, discretionary, or mandatory parole that a prisoner released on parole not possess or control firearm ammunition.1Alaska does not:Require a license for the sale of ammunition;Require sellers of ammunition to maintain a record of the purchasers;Prohibit persons who are ineligible to possess firearms under state law from possessing ammunition, although the federal ammunition purchaser prohibitions apply;Prohibit armor-piercing ammunition, although the federal prohibition on certain kinds of armor-piercing ammunition applies.Ammunition Regulation in ArizonaLast updatedOctober 16, 2018.Arizona law generally prohibits anyone from giving or selling ammunition to a person under age 18 without written consent of the minor’s parent or legal guardian.1Arizona does not:Require a license for the sale of ammunition;Require a license to purchase or possess ammunition;Require sellers of ammunition to maintain a record of the purchasers;Prohibit persons who are ineligible to possess firearms under state law from possessing ammunition, although federal ammunition purchaser prohibitions apply; orProhibit armor-piercing and other unreasonably dangerous ammunition, although federal prohibition on certain kinds of armor-piercing ammunition applies.See our Ammunition Regulation Policy Summary for a comprehensive discussion of this issue.Ammunition Regulation in ArkansasLast updatedOctober 9, 2019.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Arkansas law does not, among other things:Prohibit individuals ineligible to possess firearms under state law from possessing ammunition;Require a license for the possession of ammunition; orRequire a license to sell ammunition.Ammunition Regulation in CaliforniaLast updatedOctober 10, 2018.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.California regulates the following aspects of ammunition, as described below:Sales and transfers of ammunition;Persons prohibited from possessing ammunition;Minimum age to possess ammunition;Ammunition at gun shows; andCertain kinds of unreasonably dangerous ammunition.California also prohibits carrying ammunition onto school grounds, subject to certain limited exceptions.1(1) Sales and Transfers of AmmunitionIn 2016, California voters passed Proposition 63, which will comprehensively regulate ammunition sales in the state once its various reforms become effective between 2017 and 2019.Previously, California had adopted a groundbreaking 2009 law (AB 962) that sought to comprehensively regulate the sale of handgun ammunition by, among other things,regulating mail-order shipments of handgun ammunition and by requiring retail sellers of handgun ammunition to obtain a business license from DOJ and to keep records of their handgun ammunition sales. However, implementation of AB 962 was delayed due to litigation surrounding the definition of “handgun ammunition.”2Proposition 63 will supersede AB 962 and will apply to all ammunition sales. More specifically:Beginning January 1, 2018, individuals who sell more than 500 rounds of ammunition in any month will be required to obtain an annual state-issued business license3 and will be required to conduct ammunition sales at specified business locations or gun shows.4 The California Department of Justice (“DOJ”) will start accepting applications for ammunition vendor business licenses on July 1, 2017.5DOJ will issue ammunition vendor licenses to individuals who provide specified documentation, including a certificate of eligibility verifying that they passed a background check.6 Individuals who are already licensed as firearms dealers by DOJ would automatically be deemed licensed ammunition vendors, provided that they comply with other legal obligations placed on ammunition sellers.7Once licensed, ammunition vendors will be required to report the loss or theft of any ammunition from their inventory to law enforcement,8 and to obtain a certificate of eligibility from employees who handle or sell ammunition, verifying that they passed a background check.9Beginning January 1, 2018, ammunition sales will generally have to be conducted by or processed through licensed vendors.10 Sales of ammunition by unlicensed sellers would have to be processed through a licensed ammunition vendor, in a manner similar to private party firearms transactions,11 and ammunition obtained over the Internet or from out of state would have to be initially shipped to a licensed ammunition vendor for physical delivery to the purchaser pursuant to a background check.12Beginning July 1, 2019, licensed ammunition vendors will be required to record, maintain, and report to DOJ records of ammunition sales, in a manner similar to dealer’s records of sales (DROS) for firearms purchases.13 Proposition 63 will require that these records be kept confidential except for use by law enforcement for law enforcement purposes.14 DOJ will be required to maintain a database of ammunition sale records, similar to the DROS database for firearms.15Beginning July 1, 2019, a licensed ammunition vendor will generally be prohibited from selling or transferring ammunition until first conducting a background check to verify that the person receiving the ammunition is legally eligible.16 If the vendor is a licensed firearms dealer, he or she can also sell ammunition in the same transaction as a firearm with only the firearm background check required.17Proposition 63 will still authorize people to sell or share ammunition with their spouses, domestic partners, parents, grandparents, children, and grandchildren without going through a licensed vendor.18 It will also authorize people to freely share (but not sell) ammunition in person with friends and shooting partners, unless they have reason to believe that the ammunition would be illegally provided to a criminal or illegal user.19Proposition 63 will also allow people to buy ammunition at a shooting range without undergoing a background check and without a sale record as long as they keep that ammunition inside the facility; if they want to bring ammunition to or from the facility, they could bring their own ammunition from home or undergo a background check at the shooting range.20California currently prohibits people from supplying ammunition to any person they know or reasonably should know is prohibited from possessing ammunition.21Prop 63 will also make it illegal for a person to supply ammunition to a straw purchaser with knowledge or cause to believe that the straw purchaser would subsequently provide that ammunition to a prohibited person.22See Persons Prohibited from Possessing Ammunition below.(2) Persons Prohibited from Possessing AmmunitionCalifornia prohibits any person from owning, possessing, or having under his or her custody or control any ammunition or reloaded ammunition if the person falls into any of the categories of persons who are ineligible to purchase or possess firearms under state law.23In addition, a person subject to an injunction as a member of a criminal street gang may not own, possess or have any ammunition under his or her custody or control.24(3) Minimum Age to Possess AmmunitionCalifornia prohibits the possession of live ammunition by persons under age 18, with certain enumerated exceptions.25Sellers of ammunition are prohibited from selling any ammunition to a person under 18 years of age and may not sell handgun ammunition to a person under 21 years of age.26However, a seller, agent or employee of a seller may avoid prosecution for a violation of this law by demonstrating that the minor presented identification indicating that he or she was actually old enough to make the purchase, and that the seller, agent or employee acted in reasonable reliance on this identification.27(4) Ammunition at Gun ShowsCalifornia prohibits ammunition from being displayed at gun shows except in closed containers, unless the seller is showing the ammunition to a prospective buyer.28In addition, no person at a gun show in California, other than security personnel or sworn peace officers, can possess at the same time both a firearm and ammunition that is designed to be fired in the firearm. Vendors selling such items at the show are exempt.29(5) Unreasonably Dangerous AmmunitionCalifornia bans the manufacture, importation, sale, offer for sale, or knowing possession or transportation of handgun ammunition designed primarily to penetrate metal or armor.30This ban applies to any ammunition (except a shotgun shell or ammunition primarily designed for use in rifles) that is designed primarily to penetrate a body vest or body shield, either by virtue of its shape, cross-sectional density, or coating, or because it has a projectile or projectile core constructed entirely of tungsten alloys, steel, iron, brass, beryllium copper, or depleted uranium, or any equivalent material of similar density or hardness. KTW ammunition, among others, is subject to this ban.31California also prohibits the possession, sale, offer for sale, or knowing transportation of a “destructive device,” defined to include “[a]ny projectile containing any explosive or incendiary material” or any other chemical substance including, but not limited to, that commonly known as tracer or incendiary ammunition (except tracer ammunition manufactured for use in shotguns), and any “explosive missile.”32The state provides for the limited issuance of permits to possess or transport any destructive device, issued at the discretion of the California Department of Justice.33California prohibits the manufacture, importation, keeping or offering for sale, transfer or possession of any “flechette dart” (dart capable of being fired from a firearm, that measures approximately one inch in length, with tail fins that take up approximately five-sixteenths of an inch of the body) or bullet that contains an explosive agent.34In addition, California generally prohibits any person, firm or corporation from selling, offering for sale, possessing or knowingly transporting any fixed ammunition greater than .60 caliber. ((Cal. Penal Code § 18735.)Ammunition Regulation in ColoradoLast updatedNovember 8, 2019.The provisions of Colorado law that prohibit domestic abusers from possessing firearms apply to ammunition, as well. For further details, see Domestic Violence and Firearms in Colorado.Colorado does not regulate ammunition in any other way.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in ConnecticutLast updatedOctober 16, 2018.Effective October 1, 2013, Connecticut prohibits the sale of ammunition or an ammunition magazine to any buyer unless the prospective ammunition purchaser:Has a handgun carry permit, gun sales permit, or long gun or handgun eligibility certificate, and presents such a credential to the seller; orHas an ammunition certificate and presents to the seller such certificate along with a driver’s license, passport, or other valid government-issued identification that contains the person’s photograph and date of birth.1These provisions do not apply to the transfer of ammunition between federal firearms licensees, among other specific persons or entities.2Ammunition Purchaser Permitting – Ammunition CertificateUnder Connecticut law, any person who is age 18 or older may request the Commissioner of Emergency Services and Public Protection (Commissioner) to: 1) conduct a criminal history records check of such person, using the person’s name and date of birth only; and 2) if approved, issue an ammunition certificate to such person.3The ammunition certificate must be in the form prescribed by the Commissioner, and must contain an identification number and the name, address, and date of birth of the certificate holder and be signed by the holder.4The name and address of a person issued an ammunition certificate must be confidential and must not be disclosed except:To law enforcement officials acting in the performance of their duties;By the Commissioner to the extent necessary to comply with a request made for a firearms or ammunition certificate for verification that such certificate is still valid and has not been suspended or revoked; andTo the Commissioner of Mental Health and Addiction Services to carry out the provisions of Connecticut General Statutes § 17a-500, requiring the Commissioner of Mental Health and Addiction Services to maintain information on commitment orders by a probate court and on voluntary commitments, and requires probate courts to maintain information regarding cases relating to persons with psychiatric disabilities.5The fee for each ammunition certificate is $35 and there is an additional fee for the criminal history records check.6An originally issued ammunition certificate expires five years after the date it becomes effective and each renewal certificate will expire five years from the date it is issued.7An ammunition certificate must be revoked by the Commissioner if any event occurs which would have disqualified the holder from being issued the certificate.8Prohibited AmmunitionConnecticut prohibits any person from knowingly distributing, transporting, importing into the state, keeping, offering, or exposing for sale, or giving any person any “armor-piercing bullet” or “incendiary .50 caliber bullet.” An “armor-piercing bullet” includes any .50 caliber bullet that is designed for the purpose of, held out by the manufacturer or distributor as, or generally recognized as having a specialized capability to penetrate armor or bulletproof glass, including, but not limited to, bullets designated as “M2 Armor-Piercing” or “AP,” “M8 Armor-Piercing Incendiary” or “API,” “M20 Armor-Piercing Incendiary Tracer” or “APIT,” “M903 Caliber .50 Saboted Light Armor Penetrator” or “SLAP,” or “M962 Saboted Light Armor Penetrator Tracer” or “SLAPT.”9Effective October 1, 2013, this definition will include any bullet that can be fired from a pistol or revolver that: 1) has projectiles or projectile cores constructed entirely, excluding the presence of trances of other substances, from tungsten alloys, steel, iron, brass, bronze, beryllium copper or depleted uranium; or 2) is fully jacketed with a jacket weight of more than 25% of the total weight of the projectile, is larger than .22 caliber and designed and intended for use in a firearm; and 3) does not have projectiles whose cores are composed of soft materials such as lead or lead alloys, zinc or zinc alloys, frangible projectiles designed primarily for sporting purposes, or any other projectiles or projectile cores that the U.S. Attorney General finds to be primarily intended to be used for sporting purposes or industrial purposes or that otherwise do not constitute “armor piercing ammunition” as defined in federal law.10An “incendiary .50 caliber bullet” is defined as any .50 caliber bullet that is designed for the purpose of, held out by the manufacturer or distributor as, or generally recognized as having a specialized capability to ignite upon impact, including, but not limited to, such bullets commonly designated as “M1 Incendiary,” “M23 Incendiary,” “M8 Armor-Piercing Incendiary” or “API,” or “M20 Armor-Piercing Incendiary Tracer” or “APIT.”11Connecticut also prohibits any person from knowingly transporting or carrying a firearm loaded with an armor piercing bullet or incendiary .50 caliber bullet.12The prohibited ammunition provisions exempt:The Department of Emergency Services and Public Protection, police departments, the Department of Correction, or the state or U.S. military forces for use in the discharge of their official duties;An executor or administrator of an estate that includes such ammunition that is disposed of as authorized by the Probate Court; andThe transfer by bequest or intestate succession of such ammunition.13The federal prohibition on certain kinds of armor-piercing ammunition also applies.Transfer of Ammunition for Prohibited PersonsNot later than two business days after the occurrence of any event that makes a person ineligible to possess a firearm or ammunition, that person must transfer any ammunition in his or her possession to a federally licensed firearms dealer or another person eligible to possess the ammunition, or surrender the ammunition to the Commissioner of Emergency Services and Public Protection.14The prohibited possessor may, at any time up to one year after such delivery or surrender, have any ammunition transferred to any person eligible to possess such ammunition. Notification must be given in writing by such person and the transferee to the Commissioner, who must deliver the ammunition to the transferee. If, at the end of a year, the ammunition has not been transferred at the request of the prohibited person, the Commissioner must have the ammunition destroyed.15Domestic Violence Prohibitions and AmmunitionConnecticut requires the application form for civil restraining orders to include a space for an alleged victim of domestic violence to indicate whether the alleged domestic violence offender possesses ammunition.16As of October 1, 2013, domestic violence units in the Connecticut judicial system that respond to cases involving family violence are required to inform the court if a domestic violence victim indicates that a defendant possesses ammunition.17Police are allowed to seize ammunition under the same circumstances as they can seize guns when investigating domestic violence crimes.18Namely, whenever a peace officer determines that a family violence crime has been committed, the officer may seize any ammunition at the location where the crime is alleged to have been committed that is in the possession of any person arrested for the commission of such crime or suspected of its commission or that is in plain view. The ammunition must be returned in its original condition to the rightful owner unless that person is ineligible to possess the ammunition, or unless otherwise ordered by the court.19Disposal of Contraband AmmunitionFirearms and ammunition determined by a court to be contraband or a nuisance pursuant to state law must be turned over to the Bureau of Identification of the Connecticut Division of State Police for destruction or appropriate use or disposal by sale at public auction.20The proceeds of any such sale must be paid to the State Treasurer and deposited by the State Treasurer in the forfeit firearms account within the general fund.21Seizure of AmmunitionIf any state’s attorney or assistant state’s attorney, or any two police officers have probable cause to believe that a person: 1) Poses a risk of imminent personal injury to themselves or to others; 2) Possesses one or more firearms, and 3) Such firearms are within or upon any place, thing or person, then a judge may issue a warrant commanding law enforcement to enter into or upon the named place or thing, search the place or thing or the person, and take into custody any firearms and ammunition.22This action can only be taken if the officers have made an independent investigation and believe there is no reasonable alternative available to prevent the person from causing imminent personal injury to himself, herself or others with a firearm.23See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in DelawareLast updatedNovember 25, 2019.Persons Prohibited from Purchasing/Possessing AmmunitionDelaware prohibits the purchase, ownership, possession or control of ammunition by the same categories of persons who are ineligible to purchase or possess firearms under state law.1See the Delaware Prohibited Purchasers Generally section for these prohibited categories.Minimum Age to Purchase/Possess AmmunitionDelaware prohibits the transfer of ammunition to persons under age 18, unless the person transferring the ammunition is the minor’s parent or guardian or first receives the permission of the minor’s parent or guardian.2Delaware does not:Require a license for the sale of ammunition;Require sellers of ammunition to maintain a record of the purchasers;Require a license to purchase or possess ammunition; orProhibit the possession, transfer or use of armor-piercing or other unreasonably dangerous ammunition, although the federal prohibition on certain kinds of armor-piercing ammunition applies.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in FloridaLast updatedOctober 28, 2019.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Florida law prohibits the possession of ammunition by the same persons who are directly prohibited by Florida law from possessing firearms, although the persons who are prevented from obtaining firearms through the background check process required by Florida law are not similarly prevented from obtaining ammunition.1The federal ammunition purchaser prohibitions also apply.Florida prohibits the manufacture, sale or delivery of any armor-piercing bullet or exploding bullet, or “dragon’s breath” shotgun shell, bolo shell, or flechette shell.2The state also prohibits the possession of an armor-piercing bullet or exploding bullet with knowledge of its armor-piercing or exploding capabilities loaded in a handgun, and the possession of a dragon’s breath shotgun shell, bolo shell, or flechette shell with knowledge of its capabilities loaded in any firearm.3Each of these terms is defined.4The definition of “armor-piercing bullet” differs from the definition of “armor-piercing ammunition” in federal law, which also restricts the manufacture, sale, importation and delivery of such ammunition.Florida law does not:Impose a minimum age for the purchase or possession of ammunition, although federal minimum age requirements apply;Require a license for the sale of ammunition;Require a license for the purchase or possession of ammunition;Require sellers of ammunition to maintain a record of the purchasers;Require the safe storage of ammunition; orRestrict the locations where ammunition may be carried.Ammunition Regulation in GeorgiaLast updatedNovember 18, 2019.Georgia law does not significantly regulate the sale, transfer, purchase or possession of ammunition in any way. Furthermore, Georgia law limits local regulation of ammunition. See Local Authority to Regulate Firearms in Georgia for further information.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in HawaiiLast updatedOctober 28, 2019.Purchase and Possession of AmmunitionHawaii prohibits the ownership, control or possession of ammunition by any person who:Is a fugitive from justice;Is a person prohibited from possessing firearms or ammunition under federal law;Is under indictment for, or has been convicted of, a felony or any crime of violence, or an illegal sale of any drug;Is or has been under treatment or counseling for addiction to, abuse of, or dependence upon any dangerous drug, intoxicating compound, or intoxicating liquor;Has been acquitted of a crime on the grounds of mental disease, disorder, or defect, or is or has been diagnosed as having a significant behavioral, emotional, or mental disorder, or for treatment for organic brain syndromes;Is less than 25 years old and has been adjudicated by the family court to have committed a felony, two or more crimes of violence, or an illegal sale of any drug;Is a minor who: 1) Is or has been under treatment for addiction to any dangerous drug, intoxicating compound, or intoxicating liquor; 2) is a fugitive from justice; or 3) Has been determined not to have been responsible for a criminal act or has been committed to any institution on account of a mental disease, disorder, or defect; orHas been restrained pursuant to an order of any court from contacting, threatening, or physically abusing any person, as long as the order or any extension is in effect, unless the order specifically permits the possession of ammunition.1Safe Storage of AmmunitionHawaii requires all ammunition to be confined to the possessor’s business or residence and only allows for the limited transport of ammunition in an enclosed container away from these locations.2Hawaii law does not specify any ammunition storage practices, however.Regulation of Unreasonably Dangerous AmmunitionHawaii prohibits the manufacture, possession, sale or other transfer, barter, trade, gift or acquisition of any ammunition or projectile component coated with Teflon or a similar coating designed primarily to enhance its capacity to penetrate metal or pierce protective armor.3Hawaii also prohibits the manufacture, possession, sale or other transfer, barter, trade, gift or acquisition of ammunition or projectile components designed or intended to explode or segment upon impact with a target.4In addition, the federal prohibition on certain kinds of armor-piercing ammunition applies.Hawaii does not:Require a license for the sale of ammunition;Require sellers of ammunition to maintain a record of the purchasers; orRequire a license to purchase or possess ammunition.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in IdahoLast updatedOctober 27, 2019.Minimum Age to Purchase/PossessIdaho prohibits any person, firm, association or corporation from selling or giving any minor under the age of 16 any shells or fixed ammunition of any kind, except shells loaded for use in shotguns or for use in rifles of 22 caliber or smaller without the written consent of the parents or guardian of the minor.1However, federal law prohibits firearms dealers from selling or delivering ammunition for a shotgun or rifle to any person the dealer knows or has reasonable cause to believe is under the age of 18, and from selling or delivering handgun ammunition to any person the dealer knows or has reasonable cause to believe is under the age of 21.2Federal law prohibits unlicensed persons generally from selling, delivering or otherwise transferring handgun ammunition to any person the transferor knows or has reasonable cause to believe is under the age of 18.3Federal law also generally prohibits the possession of handgun ammunition by anyone under the age of 18.4Safe Storage of AmmunitionA state administrative regulation requires house parents at a children’s residential care facility to store any ammunition under lock and key separate from firearms and inaccessible to children.5Idaho does not:Require a license for the sale of ammunition;Require sellers of ammunition to maintain a record of the purchasers;Require a license to purchase or possess ammunition; orProhibit the possession, transfer or use of armor-piercing or other unreasonably dangerous ammunition, although the federal prohibition on certain kinds of armor-piercing ammunition applies.For additional information on the regulation of minors in Idaho, see the Idaho Minimum Age to Purchase / Possess and Idaho Trafficking sections.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in IllinoisLast updatedSeptember 13, 2018.License to Sell AmmunitionIllinois does not require ammunition sellers to obtain a license or maintain records of ammunition purchasers.License to Purchase/Possess AmmunitionIllinois requires residents to obtain a Firearm Owner’s Identification (“FOID”) card before they can lawfully purchase or possess ammunition.1No person may transfer firearm ammunition in Illinois unless the transferee displays a currently valid FOID card.2For detailed information on the requirements for a FOID card, see Licensing of Gun Owners & Purchasers in Illinois section.Any resident purchasing ammunition outside the state must provide the seller with a copy of his or her valid FOID card and either his or her Illinois driver’s license or Illinois State Identification card prior to the shipment of the ammunition. The ammunition may be shipped only to an address on either of those two documents.3People Prohibited from Purchasing or Possessing AmmunitionIllinois prohibit the purchase or possession of ammunition by the same categories of people who are ineligible to purchase or possess firearms under state law.4Federal ammunition purchaser prohibitions also apply.Minimum Age to Purchase or Possess AmmunitionIllinois generally prohibits persons under age 21 from obtaining a FOID card, which is required to purchase or possess ammunition.5A person under age 21 must have the written consent of a parent or legal guardian to purchase ammunition.6Safe Storage of AmmunitionIllinois does not generally require firearm owners to safely store ammunition. However, ammunition kept or stored in child day care facilities, foster homes or similar locations must be kept in locked storage separate from firearms and inaccessible to children.7Regulation of Unreasonably Dangerous AmmunitionIllinois prohibits the knowing manufacture, sale, purchase, possession, or carrying of any armor-piercing bullet, dragon’s breath shotgun shell, bolo shell, or flechette shell.8Illinois also bans the knowing manufacture, sale, offer of sale, or other transfer of any bullet or shell which is represented to be an armor piercing bullet, a dragon’s breath shotgun shell, a bolo shell, or a flechette shell.9Illinois prohibits the reckless use or discharge of an armor-piercing bullet, flechette shell, dragon’s breath shell or bolo shell.10The state also prohibits the possession, concealed on or about the person, of an armor piercing bullet, dragon’s breath shotgun shell, bolo shell, or flechette shell.11Illinois prohibits the sale, manufacture or acquisition and possession of exploding ammunition.12“Explosive bullet” means the projectile portion of an ammunition cartridge which contains or carries an explosive charge which will explode upon contact with the flesh of a human or an animal. “Cartridge” means a tubular metal case having a projectile affixed at the front thereof and a cap or primer at the rear end thereof, with the propellant contained in such tube between the projectile and the cap.13Federal law also prohibits certain kinds of armor-piercing ammunition.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in IndianaLast updatedNovember 6, 2019.Indiana generally prohibits people from knowingly or intentionally manufacturing, possessing, transferring or offering to transfer armor-piercing ammunition, as defined.1Note that the federal prohibitions on certain kinds of armor-piercing ammunition also apply.Indiana does not:Require a license for the sale of ammunition;Require sellers of ammunition to maintain a record of the purchasers;Require a license to purchase or possess ammunition; orImpose a minimum age for the purchase or possession of ammunition.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in IowaLast updatedNovember 15, 2019.Iowa law does not:Prohibit individuals ineligible to possess firearms under state law from possessing ammunition;Require a license for the purchase or possession of ammunition; orRequire a license to sell ammunition.Minimum Age to Purchase/Possess AmmunitionIowa prohibits any person from selling or otherwise transferring handgun ammunition to a person under age 21.1However, a parent or guardian or spouse who is age 21 or older may allow a minor of any age to possess handgun ammunition for any lawful purpose while under the “direct supervision” of the parent, guardian or spouse, or while the person receives instruction in the proper use of a handgun from an instructor age 21 or older, with the consent of the parent, guardian or spouse.2Iowa also generally prohibits any person from selling rifle or shotgun ammunition to a person under age 18.3A parent or guardian over age 18, or another with the express consent of the minor’s parent or guardian, may allow a minor to possess rifle or shotgun ammunition.4See the Iowa Minimum Age to Purchase/Possess section for further information.Regulation of Unreasonably Dangerous AmmunitionIowa generally prohibits any person from knowingly possessing any bullet or projectile containing any chemical compound or mixture designed to explode or detonate upon impact.5Iowa generally prohibits the possession of any shotgun shell or cartridge containing “exothermic pyrophoric misch” metal as a projectile, which is designed to throw or project a flame or fireball to simulate a flamethrower.6The federal prohibition on certain kinds of armor-piercing ammunition also applies.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in KansasLast updatedNovember 18, 2019.Kansas law prohibits possessing, manufacturing, causing to be manufactured, selling, offering for sale, lending, purchasing or giving away any cartridge which can be fired by a handgun and which has a plastic-coated bullet that has a core of less than 60% lead by weight.1Kansas law does not:Impose a minimum age for the purchase or possession of ammunition (although federal law applies);Prohibit individuals ineligible to possess firearms under state law from possessing ammunition;Require sellers of ammunition to maintain a record of the purchasers;Require a license for the purchase or possession of ammunition; orRequire a license to sell ammunition.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in KentuckyLast updatedNovember 13, 2019.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Kentucky law, like federal law, prohibits any person from knowingly manufacturing, selling, delivering, transferring, or importing armor-piercing ammunition, defined as a projectile or projectile core which may be used in a handgun and which is constructed entirely from one or a combination of tungsten alloys, steel, iron, brass, bronze, beryllium copper, or depleted uranium, with exceptions for certain sporting shot and industrial materials.1This prohibition does not apply to members of the U.S. Armed Forces or law enforcement acting within the scope of their duties, and does not prohibit licensed gun dealers from possessing the ammunition for the purpose of receiving and transferring it to these exempt individuals.2Kentucky law also prohibits a person from being armed with a firearm loaded with armor-piercing ammunition or flanged ammunition during the commission of a felony, or in flight immediately thereafter.3Flanged ammunition is defined as ammunition with a soft lead core and sharp flanges that are designed to expand upon impact.4Kentucky law does not:Require a license for the sale of ammunition;Require sellers of ammunition to maintain a record of the purchasers; orProhibit persons who are ineligible to possess firearms under state law from possessing ammunition, although the federal ammunition purchaser prohibitions apply.Ammunition Regulation in LouisianaLast updatedOctober 12, 2018.In 2008, Louisiana enacted a law prohibiting any person from intentionally giving, selling, donating, providing, lending, delivering, or otherwise transferring ammunition to any person known by the offender to have been convicted of a felony and prohibited by Louisiana law from possessing a firearm.1Louisiana law also prohibits the import, manufacture, sale, purchase, possession and transfer of armor-piercing bullets.2Federal law also restricts armor-piercing bullets, although the definition of that term differs under federal and Louisiana law.3However, Louisiana does not:Require a license for the sale of ammunition;Require sellers of ammunition to maintain a record of the purchasers; orProhibit persons who are ineligible to possess firearms under state law from possessing ammunition, although the federal ammunition purchaser prohibitions apply.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in MaineLast updatedNovember 24, 2019.Maine law prohibits knowingly selling, furnishing, giving or offering to sell, furnish or give ammunition to a child under 16 years of age.1Federal age restrictions for ammunition sales are stricter.Maine law prohibits knowingly possessing armor-piercing ammunition, other than as part of a bona fide collection.2The Maine definition of “armor-piercing ammunition” differs slightly from the federal definition of armor-piercing ammunition.Maine does not:Require a license for the sale of ammunition;Require a license to purchase or possess ammunition;Require sellers of ammunition to maintain a record of the purchasers; orProhibit persons who are ineligible to possess firearms under state law from possessing ammunition, although federal ammunition purchaser prohibitions apply.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in MarylandLast updatedNovember 15, 2019.Prohibited PersonsUnder Maryland law, a person may not possess ammunition if that person is prohibited from possessing a regulated firearm under Maryland’s Public Safety laws.1“Ammunition” for these purposes means a cartridge, shell, or any other device containing explosive or incendiary material designed and intended for use in a firearm.2See the Prohibited Purchasers Generally in Maryland section for details on circumstances that prohibit a person from possessing a regulated firearm.Loading AmmunitionMaryland requires any person engaged in the business of “loading or reloading small arms ammunition” to obtain a license.3A license is also required for possession or storage of quantities over five pounds of: 1) “smokeless powder for the loading or reloading of small arms ammunition;” or 2) “black powder for the loading or reloading of small arms ammunition.”4Exceptions are included for persons who handle smaller quantities of smokeless or black powder for personal use so long as the powder is stored in the original shipping containers.5Maryland does not regulate the sale or possession of other kinds of unreasonably dangerous ammunition, although the federal prohibition on certain kinds of armor-piercing ammunition applies.In addition, no person may possess or store explosives for use in firearms in “multifamily dwellings, apartments, dormitories, hotels, schools, other public buildings, or buildings or structures open for public use.”6Minimum Age to Purchase/Possess AmmunitionIn Maryland, no person may sell, rent or transfer ammunition solely designed for a handgun or assault weapon to a person under age 21.7No person may sell ammunition for any firearm to a person under age 18.8Maryland does not:Require a license to sell regular ammunition;Ensure that sellers of ammunition maintain records of the purchasers; orRequire a license to purchase or possess regular ammunition.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in MassachusettsLast updatedSeptember 14, 2018.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Massachusetts law does not regulate or prohibit any types of unreasonably dangerous ammunition. Massachusetts does, however, do each of the following things, as described below:Require a license for the purchase or possession of ammunition;Impose a minimum age to purchase or possess ammunition; andRequire a license to sell ammunition.Licensing of Ammunition Purchasers and PossessorsMassachusetts requires a firearm license to purchase or possess ammunition. Any person with a license to carry is permitted to purchase, rent, lease, borrow, possess and carry all types of lawful firearms, including both large and non-large capacity handguns, rifles, shotguns, and feeding devices and ammunition for these firearms.1Alternatively, in Massachusetts, any person may purchase and possess rifles, shotguns and “non large capacity” feeding devices and ammunition for rifles and shotguns with a valid firearm identification (FID) card.2To purchase a handgun and ammunition for a handgun, a FID card holder must also obtain a permit to purchase a handgun.3Massachusetts law penalizes anyone who sells ammunition to a person who does not have the required license(s). For detailed information on licensing requirements for firearm owners in Massachusetts, see the section on Licensing of Gun Owners & Purchasers.Minimum Age to Purchase / Possess AmmunitionMassachusetts law prohibits selling or furnishing long gun ammunition to anyone under age 18, and ammunition for a handgun, large capacity weapon, or large capacity feeding device to a person under age 21.4Ammunition Seller LicensingMassachusetts requires any person who sells ammunition to obtain a license. The chief of police or the board or officer having control of the police in a city or town may grant a license after a criminal history check, to anyone who is not:An alien;A minor;A person who has been adjudicated a youthful offender, including those who have not received an adult sentence; orA person who has been convicted of a felony in any state or federal jurisdiction, or of the unlawful use, possession or sale of narcotic or harmful drugs.The license must specify the street and number, if any, of the building where the business is to be carried on. The Department of Criminal Justice Information Services (CJIS) conducts the background check, and the local issuing authority must send CJIS a copy of the license.5Alternatively, a sporting or shooting club may obtain a license to sell or supply ammunition for regulated shooting on the premises.6Ammunition seller licenses are valid for three years.7Ammunition Regulation in MichiganLast updatedNovember 18, 2019.Laws Prohibiting Certain Persons from Purchasing/Possessing AmmunitionMichigan prohibits handgun sellers from selling ammunition to any person the seller knows is under indictment for a felony or is prohibited by state law from possessing a firearm.1See the Michigan Prohibited Purchasers Generally section for a list of these individuals.Federal ammunition purchaser prohibitions also apply.Regulation of Unreasonably Dangerous AmmunitionMichigan generally prohibits any person from manufacturing, distributing, selling or using armor-piercing ammunition.2“Armor piercing ammunition” means a projectile or projectile core which may be used in a handgun and is constructed entirely, excluding the presence of traces of other substances, of tungsten alloys, steel, iron, brass, bronze, beryllium copper, or a combination of tungsten alloys, steel, iron, brass, bronze, or beryllium copper, and does not include:Shotgun shot that is required by federal law or by a law of this state to be used for hunting purposes;A frangible projectile designed for target shooting;A projectile that the director of the Michigan Department of State Police finds is primarily intended to be used for sporting purposes; orA projectile or projectile core that the director of the Michigan Department of State Police finds is intended to be used for industrial purposes.3The federal prohibition on certain kinds of armor-piercing ammunition also applies.Michigan does not:Require a license for the sale of ammunition;Ensure that sellers of ammunition maintain records of the purchasers; orRequire a license to purchase or possess ammunition.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in MinnesotaLast updatedNovember 18, 2019.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Minnesota does not:• Require a license to purchase or possess ammunition;• Require sellers of ammunition to maintain a record of the purchasers; orProhibited PersonsMinnesota generally extends its laws regarding persons prohibited from possessing firearms to include parallel prohibitions preventing such persons from possessing ammunition as well.1Ammunition Sales Licensing/RegulationMinnesota does not require a license to sell ammunition. The state does prohibit the display of centerfire metallic-case handgun ammunition for sale to the public in a manner that makes the ammunition directly accessible to persons under age 18, unless the display is under observation of the seller or the seller’s employee or agent, or the seller takes reasonable steps to exclude underage persons from the immediate vicinity of the display.2Minimum Age to Purchase/Possess AmmunitionUnder Minnesota law, a person under the age of 18 years is generally prohibited from possessing ammunition, except that a person under 18 may possess ammunition designed for use in a firearm that the person may lawfully possess.3Minnesota generally bans furnishing ammunition to a child under age 14 outside of a municipality,4and to a minor (under age 18) without the consent of the minor’s parent or guardian or the police department of the municipality, while within the municipality.5Federal ammunition age restrictions also apply.Restricting Locations Where Ammunition May be PossessedMinnesota generally prohibits the possession of ammunition within any courthouse complex or state building within the Capitol Area, other than the National Guard Armory.6Regulation of Unreasonably Dangerous AmmunitionMinnesota prohibits the use or possession of a “metal-penetrating bullet” during the commission of a crime.7A “metal-penetrating bullet” is defined as a handgun bullet of “9 mm, .25, .32, .357, .38, .41, .44, or .451 caliber which is comprised of a hardened core equal to the minimum of the maximum attainable hardness by solid red metal alloys which purposely reduces the normal expansion or mushrooming of the bullet’s shape upon impact.”8Federal prohibitions on armor-piercing ammunition also apply.Ammunition Regulation in MississippiLast updatedNovember 8, 2019.Regulation of Unreasonably Dangerous AmmunitionMississippi prohibits any person or corporation not duly authorized under federal law from making, manufacturing, selling or possessing armor piercing ammunition as defined by federal law.1In addition, the federal prohibition on certain kinds of armor-piercing ammunition applies. Mississippi also prohibits any person or entity not authorized under federal law from making, manufacturing, selling or possessing armor-piercing ammunition.2Mississippi does not:Require a license for the sale of ammunition;Require sellers of ammunition to maintain a record of the purchasers;License persons who purchase or possess ammunition; orProhibit persons who are ineligible to purchase or possess firearms under state law from purchasing or possessing ammunition, although the federal ammunition purchaser prohibitions apply.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in MissouriLast updatedOctober 9, 2018.Missouri generally prohibits the knowing possession, manufacture, transportation, repair or sale of a bullet or projectile that explodes or detonates on impact due to an independent explosive charge after being shot from a firearm.1Missouri prohibits anyone from recklessly selling, leasing, loaning, giving away or delivering ammunition to a person who is intoxicated.2Missouri also makes it a violation of state law for anyone to violate the federal law prohibiting a person under age 18 from possessing handgun ammunition and prohibiting the sale or transfer of handgun ammunition to a person under age 18.3.))See the section entitled Firearms Trafficking in Missouri regarding a law prohibiting certain illegal sales of ammunition.Missouri does not:Require a license for the sale of ammunition;Ensure that persons purchasing ammunition have a license or permit;Require sellers of ammunition to maintain a record of the purchasers;Prohibit persons who are ineligible to possess firearms under state law from possessing ammunition,4 although the federal ammunition purchaser prohibitions apply; orProhibit armor-piercing ammunition, although the federal prohibition on certain kinds of armor-piercing ammunition applies.5Ammunition Regulation in MontanaLast updatedNovember 15, 2019.Regulation of Unreasonably Dangerous AmmunitionMontana does not prohibit the possession, transfer or use of armor-piercing or other unreasonably dangerous ammunition. Montana does mandate a sentence enhancement for any conviction for a crime in which bodily injury was inflicted, attempted, or threatened by someone who knowingly used or carried a handgun loaded with armor-piercing ammunition, however.1Federal law also regulates armor-piercing ammunition.Montana does not:Require a license for the sale of ammunition;Require sellers of ammunition to maintain a record of the purchasers;License persons who purchase or possess ammunition; orProhibit persons who are ineligible to purchase or possess firearms under state law from purchasing or possessing ammunition, although the federal ammunition purchaser prohibitions apply.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in NebraskaLast updatedNovember 15, 2019.Nebraska does not:Require a license for the sale of ammunition;Require a license to purchase or possess ammunition;Require sellers of ammunition to maintain a record of the purchasers;Prohibit persons who are ineligible to possess firearms under state law from possessing ammunition, although federal ammunition purchaser prohibitions apply; orProhibit armor-piercing and other unreasonably dangerous ammunition, although federal prohibition on certain kinds of armor-piercing ammunition applies.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in NevadaLast updatedNovember 14, 2019.Nevada does not:Require a license for the sale of ammunition;Obligate ammunition purchasers to obtain a license; orRequire sellers of ammunition to maintain a record of the purchasers.Regulation of Unreasonably Dangerous AmmunitionNevada prohibits the manufacture or sale of any “metal-penetrating bullet” capable of being fired from a handgun.1A “metal-penetrating bullet” means a bullet whose core reduces the normal expansion of the bullet upon impact, and is at least as hard as the maximum hardness attainable using solid red metal alloys, and that can be used in a handgun.2Persons Prohibited from Purchasing/Possessing AmmunitionIn Nevada, a person may not sell or otherwise dispose of any ammunition to another person if the seller or transferor has “actual knowledge” that the person:Is under indictment for, or has been convicted of, a felony in Nevada, any other state, or under federal law;Is a fugitive from justice;Has been adjudicated as mentally ill or has been committed to any mental health facility; orIs illegally or unlawfully in the United States.3See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in New HampshireLast updatedNovember 6, 2019.New Hampshire prohibits any person from transferring ammunition of any kind to a person under the age of 16, other than her or his own child, grandchild, or ward.1New Hampshire law prohibits any person from attempting to use or using, in the course of committing any misdemeanor or felony, any teflon-coated or armor-piercing bullet or cartridge or any bullet or cartridge that contains an explosive substance in the projectile and is designed to explode upon impact.2Among other things, New Hampshire law does not:Require a license for the sale of ammunition;Require sellers of ammunition to maintain a record of the purchasers; orProhibit persons who are ineligible to possess firearms from possessing ammunition.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in New JerseyLast updatedOctober 28, 2019.Persons Prohibited from Purchasing/Possessing AmmunitionIn 2019, New Jersey amended the law prohibiting certain categories of individuals from purchasing, owning, possessing or controlling firearms to also include ammunition. For a list of individuals prohibited from purchasing or possessing firearms and ammunition in New Jersey, see Prohibited Purchasers Generally in New Jersey.In order to sell, transfer, purchase or otherwise acquire any handgun ammunition in New Jersey, the transferee must be a licensed gun dealer, wholesaler or manufacturer, or possess a Firearms Purchaser Identification Card, a permit to purchase a handgun, or a permit to carry a handgun.1Handgun ammunition may be transferred for lawful use in certain narrow circumstances.2In addition, the sale of a “de minimis” amount of handgun ammunition for immediate use at a firearm range is permitted if the range is operated by a: 1) licensed firearms dealer; 2) law enforcement agency; 3) legally recognized military organization; or 4) rifle or pistol club which has filed a copy of its charter with the Superintendent of the New Jersey State Police.3Ammunition Seller Record-keepingRetail sellers of firearm ammunition are required to maintain a permanent record of ammunition acquisition and disposition.4Acquisition records must be kept at the business location and record the name of the manufacturer, the type, caliber or gauge, quantity of the ammunition acquired, the date of each acquisition and person from whom the ammunition was acquired. Disposition records must be in bound form and contain the date of the transaction, name of manufacturer, caliber or gauge, quantity of ammunition sold, name, address and date of birth of purchaser, and identification used to establish the identity of the purchaser. Sellers must record sales or other dispositions of handgun ammunition and ammunition that may be interchangeable between rifles and handguns, as well as hollow-nosed or dum-dum ammunition.5Minimum Age to Purchase/PossessNew Jersey prohibits any person from selling, giving, transferring, assigning or otherwise disposing of handgun ammunition to a person under age 21.6Regulation of Unreasonably Dangerous AmmunitionNew Jersey generally prohibits any person from knowingly possessing, manufacturing, transporting, shipping, selling, or disposing armor piercing ammunition.7New Jersey also prohibits the knowing possession of any hollow nose or dum-dum bullet.8Hollow nose and dum-dum are terms associated with bullets designed to expand on impact. These terms are not specifically defined under New Jersey law.The federal prohibition on certain kinds of armor-piercing ammunition also applies.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in New MexicoLast updatedSeptember 11, 2018.Restricting Locations Where Ammunition May be PossessedNew Mexico prohibits any person from bringing ammunition onto the grounds of the penitentiary of New Mexico or any other designated correctional institution,1or any county or municipal jail.2The state also prohibits any person from bringing ammunition into any juvenile detention or correctional facility.3New Mexico does not:Require a license for the sale of ammunition;Ensure that sellers of ammunition maintain records of the purchasers;Require a license to purchase or possess ammunition;Prohibit persons who are ineligible to possess firearms under state law from possessing ammunition, although the federal ammunition purchaser prohibitions apply; orRestrict armor-piercing ammunition, although the federal prohibition on certain kinds of armor-piercing ammunition applies.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in New YorkLast updatedOctober 23, 2018.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.New York law defines a “Seller of ammunition,” as any person, firm or corporate entity engaging in the business of purchasing, selling, or keeping ammunition. This does not apply to private sellers.1Licensing of Ammunition SellersAmmunition sellers in New York must register with the state police, except for ammunition sellers who are already validly licensed firearms dealers. Ammunition sales are prohibited except through licensed dealers or registered sellers of ammunition. The transfer of ammunition must occur in person.2Record Retention Requirement for Ammunition SalesAmmunition sellers and firearms dealers must, at the time of a transaction, record the transaction details (date, name, age, occupation, and residences of anyone transferring or receiving ammunition and also the amount, caliber, manufacturer’s name and serial number or other distinguishing information) in a record book to be maintained on the premises and made available for inspection by any law enforcement officer. This information is not considered a public record.3Background Checks Before Transfer of AmmunitionAn ammunition seller or firearms dealer may not transfer any ammunition to anyone other than a licensed dealer unless he or she conducts a check against records maintained in the state’s electronic database and receives a number identifying the transaction and signifying that the transferee is not prohibited by state or federal law from possessing the firearm or ammunition.4The ammunition seller or gun dealer must also check a valid driver’s license or other photo identification of the prospective purchaser prior to transfer.After the transfer, the transferee must indicate to the database that the transaction was completed at which time a record of the transaction, to be maintained for no longer than one year, will be made available to law enforcement but will not be made a part of the new firearms database for licenses and records or the new firearms registry. A record of the transaction may be shared with local law enforcement but will not be a public record. This requirement will not apply if the background check system is not operational or if a dealer or seller was issued a waiver from conducting a background check by the state police.5Minimum Age to Purchase/Possess AmmunitionNew York prohibits the possession of ammunition by any person under age 16.6Federal law imposes additional age restrictions.Regulation of Unreasonably Dangerous AmmunitionNew York prohibits the possession of armor piercing ammunition with the intent to use it unlawfully against another.7“Armor piercing ammunition” is any ammunition capable of being used in handguns that contains a projectile or projectile core constructed entirely from one or a combination of tungsten alloys, steel, iron, brass, bronze, beryllium copper or uranium.8New York generally prohibits any person from knowingly possessing any bullet containing an explosive substance designed to explode or detonate upon impact.9License to Purchase Handgun AmmunitionA firearms dealer may not sell any ammunition designed exclusively for use in a handgun to any person who is not authorized to possess a pistol or revolver.10See Licensing of Gun Owners in New York for further information.Ammunition Regulation in North CarolinaLast updatedNovember 6, 2019.North Carolina prohibits any person from importing, manufacturing, possessing, storing, transporting, selling, offering to sell, purchasing, offering to purchase, delivering, giving or acquiring any teflon-coated bullet.1This prohibition does not apply to the following individuals:Licensed importers, manufacturers, and dealers for the purpose of sale to authorized law-enforcement agencies; orInventors, designers, ordinance consultants and researchers, chemists, physicists, and other persons employed by or under contract with a manufacturing company engaged in making or doing research designed to enlarge knowledge or to facilitate the creation, development, or manufacture of more effective police-type body armor.2North Carolina does not:Require a license for the sale of ammunition;Require sellers of ammunition to maintain a record of the purchasers;Require a license to purchase or possess ammunition; orProhibit the possession, transfer or use of armor-piercing, although the federal prohibition on certain kinds of armor-piercing ammunition applies.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in North DakotaLast updatedNovember 14, 2019.North Dakota prohibits knowingly supplying ammunition to, or procuring ammunition for, a person who is prohibited by North Dakota law from receiving or possessing it.1However, no North Dakota law limits the persons who may receive or possess ammunition. Note that federal law prohibits certain persons from receiving or possessing ammunition and prohibits the sale or transfer of ammunition to these persons.2However, federal law does not require a seller of ammunition to conduct a background check on the purchaser to determine whether he or she is a prohibited person.3North Dakota also does not:Require a license for the sale of ammunition;Require sellers of ammunition to maintain a record of the purchasers;Require a license to purchase or possess ammunition; orProhibit the possession, transfer or use of armor-piercing or other unreasonably dangerous ammunition, although the federal prohibition on certain kinds of armor-piercing ammunition applies.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in OhioLast updatedNovember 6, 2019.Ohio does not:• Require a license for the sale of ammunition;• Require sellers of ammunition to maintain a record of the purchasers;• Prohibit persons who are ineligible to possess firearms under state law from possessing ammunition, although the federal ammunition purchaser prohibitions apply;• Prohibit armor-piercing ammunition, although the federal prohibition on certain kinds of armor-piercing ammunition applies; or• Otherwise regulate ammunition.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in OklahomaLast updatedNovember 1, 2019.Oklahoma bans the possession, carrying, use, attempted use, manufacture, importation, advertising for sale or sale of any “restricted bullet.”1A “restricted bullet” is a round or elongated missile with a core of less than 60% lead and that has a fluorocarbon coating, designed to travel at high velocity and capable of penetrating body armor.2Oklahoma also prohibits carrying a concealed handgun loaded with ammunition larger than .45 caliber.3In 2011, Oklahoma enacted a law prohibiting certain conduct relating to fraudulent purchase of ammunition. See our Oklahoma Trafficking section.Oklahoma does not:Require a license for the sale of ammunition;License persons who purchase or possess ammunition;Require sellers of ammunition to maintain a record of the purchasers; orProhibit persons who are ineligible to purchase or possess firearms under state law from purchasing or possessing ammunition, although the federal ammunition purchaser prohibitions apply.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in OregonLast updatedNovember 17, 2019.Oregon prohibits any person from making, selling, buying or possessing any handgun ammunition (principally for use in pistols and revolvers) where the bullet or projectile is coated with Teflon or any chemical compound with properties similar to Teflon, and which is intended to penetrate soft body armor, and where the person intends that the ammunition be used in the commission of a felony.1Federal law also prohibits certain kinds of armor-piercing ammunition.Oregon does not:Require a license for the sale of ammunition;Require sellers of ammunition to maintain a record of the purchasers;Prohibit persons who are ineligible to possess firearms under state law from possessing ammunition, although federal ammunition purchaser prohibitions apply;Restrict locations where ammunition may be possessed; orRequire the safe storage of ammunition.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in PennsylvaniaLast updatedNovember 18, 2019.Pennsylvania law makes it a separate crime for a person who commits or attempts to commit a “crime of violence” to possess, use or attempt to use a KTW teflon-coated bullet or other “armor-piercing ammunition” while committing or attempting to commit that crime.1“Armor-piercing ammunition” is defined as:[A]mmunition which, when or if fired from any firearm as defined in section 6102 that is used or attempted to be used in violation of subsection (a) under the test procedure of the National Institute of Law Enforcement and Criminal Justice Standard for the Ballistics Resistance of Police Body Armor promulgated December 1978, is determined to be capable of penetrating bullet-resistant apparel or body armor meeting the requirements of Type IIA of Standard NILECJ-STD-0101.01 as formulated by the United States Department of Justice and published in December of 1978.2Pennsylvania law does not otherwise regulate the sale or possession of ammunition in any way.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in Rhode IslandLast updatedNovember 17, 2019.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Rhode Island does not:Require a license for the sale of ammunition;Ensure that sellers of ammunition maintain records of the purchasers;Require a license to purchase or possess ammunition; orProhibit persons who are ineligible to possess firearms under state law from possessing ammunition, although the federal ammunition purchaser prohibitions apply.Minimum Age to Purchase/Possess AmmunitionRhode Island generally prohibits any person from selling, transferring, giving, conveying or causing to be sold, transferred, given or conveyed, any firearm or ammunition to any person under age 18, when the person knows or has reason to know that the recipient is under age 18.1Persons under age 18 are also prohibited from possessing or using ammunition.2Federal minimum age limits also apply.Regulation of Unreasonably Dangerous AmmunitionRhode Island prohibits the importation, manufacture, sale or other transfer or purchase of “armor-piercing bullets,” which have steel inner cores or cores of equivalent hardness and truncated cones and are designed for use in pistols as armor-piercing or metal-piercing bullets.3The federal prohibition on certain kinds of armor-piercing ammunition also applies.Ammunition Regulation in South CarolinaLast updatedNovember 6, 2019.See our Ammunition Regulation for a comprehensive discussion of this issue.South Carolina prohibits the use, transportation, manufacture, possession, distribution, sale or purchase of any ammunition or shells that are coated with Teflon.1Federal prohibitions on certain kinds of armor-piercing ammunition also apply.A law South Carolina adopted in 2010 makes it unlawful for a person who has been convicted of a “violent crime,” as defined by South Carolina law, to possess ammunition if the violent crime is also classified as a felony offense.2In 2013, South Carolina enacted a law making it unlawful for a person who has been “adjudicated as a mental defective” or who has been “committed to a mental institution” to ship, transport, possess, or receive ammunition.3The definitions of “adjudicated as a mental defective” and “committed to a mental institution” mirror federal law.In 2015, South Carolina enacted a law making it unlawful for certain domestic abusers to possess ammunition.4See Domestic Violence and Firearms in South Carolina for further information.South Carolina does not:Require a license for the sale of ammunition;Require a license to purchase or possess ammunition; orRequire sellers of ammunition to maintain a record of the purchasers.Ammunition Regulation in South DakotaLast updatedOctober 26, 2019.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.South Dakota law does not:Prohibit persons who are ineligible to possess firearms under state law from possessing ammunition, although the federal ammunition purchaser prohibitions apply; orRegulate or prohibit any type of unreasonably dangerous ammunition;Require sellers of ammunition to make a record of the purchasers;Require a license for the purchase or possession of ammunition; orRequire a license to sell ammunition.In addition, South Dakota only prohibits a person from selling, transferring, giving, loaning, furnishing, or delivering ammunition to a person under age 18, if such person knows or reasonably believes that the minor intends, at the time of transfer, to use the ammunition in the commission or attempted commission of a crime of violence.1Ammunition Regulation in TennesseeLast updatedNovember 16, 2019.Tennessee does not:Require a license for the sale of ammunition;Require sellers of ammunition to maintain a record of purchasers;Require persons purchasing or possessing ammunition to obtain a license; orRequire the safe storage of ammunition in the home.Regulation of Unreasonably Dangerous AmmunitionTennessee prohibits the sale, offer for sale, display for sale, manufacture and use of any ammunition cartridge containing a bullet with explosive material designed to detonate upon impact.1Federal prohibitions on certain kinds of armor-piercing ammunition also apply.Persons Prohibited from Purchasing/Possessing AmmunitionTennessee prohibits any person from intentionally, knowingly or recklessly selling ammunition to an intoxicated person.2Tennessee does not otherwise prohibit the transfer of ammunition to, or the purchase and possession of ammunition by, persons who are ineligible to possess firearms under state law, although federal ammunition purchaser prohibitions apply.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in TexasLast updatedSeptember 14, 2018.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Texas law does not:Impose a minimum age for the purchase or possession of ammunition;Require the seller of ammunition to make a record of the purchaser;Require a license for the purchase or possession of ammunition; orRequire a license to sell ammunition.Purchase/Possession ProhibitionsTexas prohibits the transfer of ammunition to some, but not all, of the same categories of persons who are prohibited from purchasing firearms under state law. More specifically, Texas prohibits any person from intentionally, knowingly, or recklessly selling ammunition to any person who is intoxicated, and from knowingly selling ammunition to any person who has been convicted of a felony before the fifth anniversary of the later of: 1) the person’s release from confinement following conviction of the felony; or 2) the person’s release from supervision under community supervision, parole, or mandatory supervision following conviction of the felony.1Regulation of Unreasonably Dangerous AmmunitionTexas prohibits the intentional or knowing possession, manufacture, sale, transportation or repair of any armor-piercing ammunition. “Armor-piercing ammunition” is defined as “handgun ammunition that is designed primarily for the purpose of penetrating metal or body armor and to be used principally in pistols and revolvers.”2Ammunition Regulation in the District of ColumbiaLast updatedOctober 24, 2019.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Prohibited Possessors/Registration RequirementsThe District of Columbia broadly prohibits the possession of ammunition1. A holder of a valid registration certificate for a firearm may possess ammunition, however ((D.C. Code Ann. § 7-2506.01(a)(3).)). Licensed firearms dealers, on-duty law enforcement officers, holders of ammunition collector’s certificates, and persons temporarily possessing ammunition while participating in a firearms training and safety class conducted by a firearms instructor also exempt2.Federal ammunition purchaser prohibitions also apply.Ammunition Sales Licensing/RegulationThe sale or other transfer of ammunition is strictly regulated. Any person or organization eligible to register a firearm may sell or otherwise transfer ammunition only to a licensed dealer3.Licensed dealers may sell or otherwise transfer ammunition only if:The sale or transfer is made in person;The purchaser exhibits, at the time of transfer, a valid registration certificate (if the purchaser is a nonresident, he or she must produce proof that the firearm is lawfully possessed in the jurisdiction where such person resides);The ammunition to be transferred is of the same caliber or gauge as the firearm described in the registration certificate (or other similar proof in the case of nonresident); andThe purchaser signs a receipt for the ammunition (the dealer must maintain this receipt for at least one year from the date of sale)4.This does not apply to, inter alia, sales to other licensed dealers and certain law enforcement officers and government agents5.For additional information about ammunition that must be maintained as part of a dealer’s inventory, see the District Dealer Regulations section.Owners or managers of establishments where ammunition is stored or kept for sale at wholesale or at both wholesale and retail must pay a license fee of $7606. Owners or managers of establishments where ammunition is kept for sale at retail must pay a license fee of $477.Minimum Age to Purchase/Possess AmmunitionBecause a registration certificate is required for the possession of a firearm8, licensed dealers may only transfer ammunition to valid registration certificate holders9, and persons under age 21 cannot obtain a registration certificate10, persons under age 21 are generally prohibited from possessing or obtaining ammunition.Federal minimum age requirements may also apply.Regulation of Unreasonably Dangerous AmmunitionUnder District law, a “restricted pistol bullet” is defined asA projectile or projectile core which may be used in a pistol and which is constructed entirely (excluding the presence of traces of other substances) from one or a combination of tungsten alloys, steel, iron, brass, bronze, beryllium copper, or depleted uranium;A full jacketed projectile larger than .22 caliber designed and intended for use in a pistol and whose jacket has a weight of more than 25% of the total weight of the projectile; orAmmunition for a .50 BMG rifle.11.Licensed dealers may transfer restricted pistol bullets to only: 1) another licensed dealer; or 2) any law enforcement officer or agent of the District or the United States, when such officer or agent is on duty and acting within the scope of his or her duties when acquiring such ammunition, if the officer or agent has in his or her possession a statement from the head of his or her agency stating that the item is to be used only in official duties.12.The District prohibits firearm registration certificate holders from possessing restricted pistol bullets13.Federal law also prohibits certain kinds of armor-piercing ammunition.Ammunition Regulation in UtahLast updatedNovember 18, 2019.Utah limits the transportation of ammunition into or within correctional facilities, mental health facilities and institutions of higher education.1For more information, see the Utah Location Restrictions section.Utah does not:Prohibit the possession of ammunition by individuals prohibited from possessing firearms;Require a license for the sale of ammunition;Require sellers of ammunition to maintain a record of the purchasers;Require a license to purchase or possess ammunition; orGenerally prohibit the possession, transfer or use of armor-piercing or other unreasonably dangerous ammunition,2 although the federal prohibition on certain kinds of armor-piercing ammunition applies.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in VermontLast updatedSeptember 17, 2018.Vermont law prohibits any person, firm or corporation, other than a parent or guardian, from selling or furnishing any ammunition to a minor under age 16.1Federal law, however, imposes stricter age requirements on the sale of ammunition.Vermont does not:Require a license for the sale of ammunition;Require sellers of ammunition to maintain a record of the purchasers;Prohibit persons who are ineligible to possess firearms under state law from possessing ammunition, although the federal ammunition purchaser prohibitions apply; orProhibit armor-piercing ammunition, although the federal prohibition on certain kinds of armor-piercing ammunition applies.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in VirginiaLast updatedNovember 1, 2019.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.In 2009, Virginia enacted a law that prohibits the knowing and intentional possession or transportation of ammunition by any person: 1) convicted of a felony; 2) adjudicated delinquent as a juvenile 14 years of age or older at the time of the offense of murder, kidnapping, robbery by the threat or presentation of firearms, or rape; or 3) who is under the age of 29 and was found guilty as a juvenile (14 years of age or older) of a delinquent act which would be a felony if committed by an adult.1Virginia law does not:Prohibit other individuals ineligible to possess firearms under state law from possessing ammunition;Prohibit the sale or possession of unreasonably dangerous ammunition;2Impose a minimum age for the purchase or possession of ammunition (although federal law applies);Require a license for the purchase or possession of ammunition; orRequire a license to sell ammunition.Ammunition Regulation in WashingtonLast updatedOctober 29, 2018.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Licensing of Ammunition SellersNo firearms dealer may sell or otherwise transfer, or expose for sale or transfer, or have in his or her possession with intent to sell or otherwise transfer, any ammunition without being licensed by the State of Washington.1See the Washington Dealer Regulations section for further information.Safe Storage of AmmunitionSmall arms ammunition must be stored separated from flammable liquids, flammable solids and oxidizing materials by a fire-resistant wall “of one-hour rating” or by a distance of 25 feet.2State administrative regulations govern the storage of ammunition in family home child care facilities.3State administrative regulations may regulate other aspects of ammunition.Washington does not:Prohibit individuals ineligible to possess firearms under state law from possessing ammunition;Require a license for the possession of ammunition; orRequire a license to sell ammunition, unless the seller is operating as a dealer.Ammunition Regulation in West VirginiaLast updatedOctober 8, 2018.West Virginia prohibits a person or company from knowingly selling, renting, giving or lending ammunition to a person who is prohibited from possessing it under state or federal law.1West Virginia law, unlike federal law, does not prohibit anyone from possessing ammunition.West Virginia prohibits any person from publicly displaying or offering for sale or rent ammunition where a passerby on a street, road or alley can see it.2See the section entitled Firearms Trafficking in West Virginia regarding a law aimed at the trafficking of ammunition.West Virginia does not:Require a license for the sale of ammunition;Require sellers of ammunition to maintain a record of the purchasers;Require a license to purchase or possess ammunition; orProhibit the possession, transfer or use of armor-piercing or other unreasonably dangerous ammunition, although the federal prohibition on certain kinds of armor-piercing ammunition applies.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in WisconsinLast updatedNovember 1, 2019.Wisconsin prohibits the possession or use of an armor-piercing bullet during the commission of a crime, if the possessor: 1) has a handgun loaded with an armor-piercing bullet or a projectile or projectile core with a muzzle velocity of 1,500 feet per second or greater; or 2) possesses an armor-piercing bullet.1“Armor-piercing bullet” is defined as a projectile or projectile core that may be fired from any handgun and that is constructed entirely from one or a combination of tungsten alloys, steel, iron, brass, bronze, beryllium copper or depleted uranium.2Wisconsin does not:Require a license for the sale of ammunition;Require a license or permit to purchase or possess ammunition;Require sellers of ammunition to maintain a record of the purchasers; orProhibit persons who are ineligible to possess firearms under state law from possessing ammunition, although federal ammunition purchaser prohibitions apply.See our Ammunition Regulation policy summary for a comprehensive discussion of this issue.Ammunition Regulation in WyomingLast updatedNovember 18, 2019.Wyoming does not:Require a license for the sale of ammunition;Require sellers of ammunition to maintain a record of the purchasers;License persons who purchase or possess ammunition;Regulate or prohibit unreasonably dangerous ammunition; orProhibit persons who are ineligible to purchase or possess firearms under state law from purchasing or possessing ammunition, although the federal ammunition purchaser prohibitions apply.As well: Read more: Are Hollow-Point Bullets Illegal For Personal DefenseUnder Creative Commons License: Attribution AMMOLAND:There is no statutory restriction on the type of ammo that you can carry in your personal defense weapon. Nor is there any prohibition on sighting devices. There may be some potential concerns about jury perception if you ever have to use your gun in self-defense and find yourself facing charges. (This is much less likely to occur at this point in history than prior to the enactment of Public Act 311 of 2006 [MCL 780.951] which created presumptions that deadly force is appropriate in certain situations and also created qualified immunity to those who use force in legitimate self defense.)There have been examples of prosecutors focusing on the hardware used by defendants. They try to overcome the self-defense argument by painting a picture of the armed citizen as blood-thirsty. In one particular case in another state, the defendant used a certain brand of hollow-point ammo that came in a box featuring a picture of a hawk or eagle talon. It appears that the tactic was successful and contributed to the conviction of an armed citizen who argued that he fired to save his life. I'm told that the particular brand of ammo in question has changed it's name and packaging.Many law-enforcement agencies use hollow-point ammunition. There are some famous brands that are well-known as “good guy” ammo, and a prosecutor would have a hard time making the case that one who carries the same ammo in his or her personal defense weapon is being unreasonable. In my opinion, there is no reason not to carry effective personal defense ammunition.The same is true of laser sights in my opinion. The technology is mature, widely available, and considered effective by tactical experts. From a legal standpoint, the key is to make sure that any use of force is justified by necessity and that you control your weapon. Insofar as a laser helps with control, it seems to me that it is more likely to help a self-defense shooter avoid liability than create perception issues in the event of a jury trial.I have personally recommended hollow-point ammo and laser sights to family and friends, and will continue to do so.