Every state is different, but handguns are certainly handled differently compared to rifles. In MI, if you do not have a concealed weapons permit, you have to apply for a "permit to buy". When issued, it is valid only 10 days, during which time the weapon has to be purchased and transferred. You even have to specify the details (make, model) when applying for the permit.
Needless to say, this is a very restrictive process and schedule. In my opinion, unnecessarily so. But then I'm not a lawmaker....
Again, in MI, if you do have a concealed weapons permit, you can simply walk into the store and buy the weapon, since the permit is considered a legal substitute for the FBI background check and you only have to send the local police dept a registration form within 10 days of taking ownership. If a permit holder were to be convicted of a felony, the police department would send a deputy with a warrant to your home to seize the weapon (s) and permit. Anyone finding themselves in this position would be advised to turn the weapons over to their FFL to be sold before this happens since there is no financial compensation once law enforcement arrives to take them away. It seems amazing that things would be handled in such a heavy handed fashion, but that is just the way it goes I guess..
If a concealed weapons permit holder were to be involved in a defensive shooting, my NRA instructor said that the LEO's who come to the scene will seize the weapon used as a matter of course, to be used as evidence in any potential trial and the recovery of the weapon (even if the trial goes your way) could be a long and potentially financially losing proposition. However, unless there is strong evidence to suggest foul play, other weapons should at that point be safe until a court finds one guilty of a crime.
A weapon is simply a tool and firearms ownership is a serious responsibility. If you can't or won't be able to use it to protect yourself and others, it is a liability. If you don't have it when you need it, it is a worthless paperweight (which is why for most people, a concealed weapons permit is essential). If you know how, and have the courage to use it, it is entirely likely that you may be arrested and tried for assault, homicide or worse. The key question is whether or not one would prefer to be a victim ? We read, see and hear those stories just about every day and there are some terrible ways to die, if you are in the wrong place at the wrong time with the wrong people.