(A) Before the purchase of a pistol, the purchaser shall complete an application in triplicate in the presence of the dealer. The application to be furnished by the division must contain the applicant's:

1. (1) name;
2. (2) residence and business address;
3. (3) date and place of birth;
4. (4) social security number; and
5. (5) South Carolina driver's license number or Department of Public Safety identification card number or, in the case of an applicant on active duty in the United States military, the number from the applicant's current United States military identification card.

(D) Upon proper completion of the application, the dealer must submit the original application to the division, retain a copy for his records, and give a copy to the applicant upon his purchase of a pistol. The application to be submitted to the division must be accompanied by a firearm transaction record properly completed by the purchaser and the dealer.

For purposes of this section, the purchase of a pistol does not include the redeeming of a pistol by its owner after it has been pledged to secure a loan.