Sorry to drag up a semi-dead thread...
I've been doing some research on C&R licensing here in California. Here is some key information on C&R licenses taken directly off of the California Attorney General's website. I printed these out and I will be keeping them with me when purchasing.
DOJ FAQ
3. What is the process for purchasing a firearm in California?
All firearms purchases and transfers, including private party transactions and sales at gun shows, must be made through a licensed dealer under the Dealer Record of Sale (DROS) process. California imposes a 10-day waiting period before a firearm can be released to a buyer or transferee. A person must be at least 18 years of age to purchase a rifle or shotgun. To buy a handgun, a person must be at least 21 years of age, and either 1) possess an HSC plus successfully complete a safety demonstration with the handgun being purchased or 2) qualify for an HSC exemption.
As part of the DROS process, the buyer must present "clear evidence of identity and age" which is defined as a valid, non-expired California Driver's License or Identification Card issued by the Department of Motor Vehicles. A military identification accompanied by permanent duty station orders indicating a posting in California is also acceptable.
If the buyer is not a U.S. Citizen, then he or she is required to demonstrate that he or she is legally within the United States by providing to the firearms dealer with documentation that contains his/her Alien Registration Number or I-94 Number.
Purchasers of handguns are also required to provide proof of California residency, such as a utility bill, residential lease, property deed, or government-issued identification (other than a drivers license or other DMV-issued identification).
(PC Section 12071)
7. Is there a limit on the number of handguns that I can own or purchase?
While no limitation exists for the number of handguns that you may own, you are generally limited to purchasing no more than one handgun in any 30-day period.
Handgun transactions related to law enforcement, private party transfers, returns to owners, and certain other specific circumstances are exempt from the one-handgun-per-30-day limit.
(PC section 12072(a)(9))
14. I want to sell a gun to another person, i.e., a private party transfer. Am I required to conduct the transaction through a licensed California firearms dealer?
Yes. Firearm sales must be conducted through a fully licensed California firearms dealer. Failure to do so is a violation of California law. The buyer (and seller, in the event that the buyer is denied), must meet the normal firearm purchase and delivery requirements. "Antique firearms," as defined in Section 921(a)(16) of Title 18 of the United States Code, and curio or relic rifles/shotguns, defined in Section 178.11 of Title 27 of the Code of Federal Regulations that are over 50 years old, are exempt from this requirement.
Firearms dealers are required to process private party transfers upon request. Firearms dealers may charge a fee not to exceed $10 per firearm for conducting a private party transfer. Example:
a. For a private party transfer involving one or more handguns, the total allowable fees, including the DROS, safety, and dealer transfer fees, are not to exceed $35.00 for the first handgun and $31.00 for each additional handgun involved in the same transaction
b. For private party transfers involving one or more long guns, or a private party transfer involving one handgun, the total allowable fees, including the DROS, safety, and dealer transfer fees, are not to exceed $35.00. The dealer may charge an additional dealer-service fee of $10.00 per each additional firearm transferred.
(PC section 12072(d))
18. Are there any exemptions to the waiting period?
For most people - no. However certain exemptions do exist for the following:
a. Full-time, paid California law enforcement officers are exempt if they have the required letter signed by the head of the agency or commanding officer. The dealer will keep the signed, original letter.
b. Firearms dealers and persons who have obtained special weapons permits issued by DOJ are exempt from the waiting period.
c. Persons with curio and relic collector's licenses issued by the ATF and who have a valid Certificate of Eligibility issued by the DOJ are exempt from the waiting period only when purchasing curio and relic firearms.
(PC sections 12078 (a)(r)(t))
24. I am a collector of firearms and I want to purchase a pair of consecutively-numbered pistols. Does the one-handgun-per-30-day restriction apply?
No. If you possess a valid federal Curio & Relics Collector's license and a valid California Certificate of Eligibility, you are exempt from the one-handgun-per-30-day restriction.
(PC section 12072(a)(9)(x))
27. Can I get a list of the firearms for which I am listed as the purchaser, transferee, or owner?
Yes. To obtain a list of firearms listed in your name, send a letter requesting this information to the Automated Firearms Unit, P.O. Box 820200, Sacramento, CA 94203-0200. The letter must be signed, notarized, and include a photocopy of your photo ID card (ie., driver's license or DMV ID).
Hope this helps a bit.