A person shall lawfully possess a dealer’s license issued by the Secretary before the person engages in the business of selling, renting, or transferring regulated firearms. A dealer’s license is required for each place of business where regulated firearms are sold. A dealer may not sell, rent, or transfer a regulated firearm to: An applicant whose firearm application is disapproved or is placed on hold because of an open disposition of criminal proceedings against the firearm applicant, unless the disapproval or hold is subsequently withdrawn by the Secretary or overruled by a court; A purchaser, lessee, or transferee who the dealer knows or has reasonable cause to believe is prohibited from possessing a regulated firearm under Regulation .03 of this chapter; or A purchaser, lessee, or transferee who is visibly under the influence of alcohol or drugs. A dealer may not sell, rent, transfer, or purchase a regulated firearm until after 7 days following the time a firearm application is completed by the applicant and submitted to the Secretary by the dealer.