Padgett's gonna hate this, but I believe FIBA has always played it this way ("had it right" if you will).
IMHO, it's a great rule, both in the spirit of the game, and in making it easier to administer for the officials.
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HOMER: Just gimme my gun.
CLERK: Hold on, the law requires a five-day waiting period; we've got run a background check...
HOMER: Five days???? But I'm mad NOW!!
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