That was my understanding of the law as I read it from BATF's website...but my FFL dealer recently received a firearm for me and would not release it until the shipping FFL sent his license in the mail, it was supposed to accompany the firearm when shipped, but was accidentally omitted. This was no big hairy deal, as I felt this was "just the way he does things" to keep all his ducks in a row...I was mainly curious as to whether or not anyone else interpreted the law the same way he does.
Thanks