I believe this is Senate Bill 843 filed yesterday by Lautenberg and co-sponsored by Kennedy and Shumer (of course) among others.
The bill is too new for THOMAS to have the text as of tonight, but hopefully in a day or two.
Beside the obvious problem, what I fear is that, while it sounds innocuous the whole thing turns on the definition of a "gun show". (the devil's in the details) In other words, the gun-banners, don't want to appear to be going after ALL private transfers, just those "awful" gun show transfers. (I know I don't have this bill's exact wording but working off of previous attempts.) And here's the rub. How can you say something done privately between two individuals such as a gun transfer, is illegal when done in a more public setting? The 1st amendment protects the right to peaceably assemble. So previous bills have tried to penalize the gun show itself if the rules aren't followed. Ah, so besides being another step in the direction of total registration (read that regulation), bills like this one also tread on the 1st amendment by several restricting peaceable assembly.
The definition of "gun show" will become the key. It's not a stretch to define "gun show" as a real or virtual connection/meeting of 2 or more people were the germination of the idea of a transfer of a firearm is initiated. Think about how all encompassing such a definition would be. "Virtual" being any electronic exchange of communications including DRTV, Gun Broker or even FaceBook. Most any conversation, which is public, could be turned into a "gun show", ipso facto, if it later culminates in a gun transfer. The definition doesn't say the transfer actually takes place at "the show", just that the parties institute the idea that they have an interest in said transfer. This prevents buyers and seller at a show from performing the transfer later as a loophole itself.
This is bad legislation on many fronts.