Brady Waiting Period Extension Act of 1998

Brady Waiting Period Extension Act of 1998 - Amends the Brady Handgun Violence Prevention Act to provide for the establishment of a minimum 72-hour handgun purchase waiting period, unless: (1) a prospective purchaser presents a written statement from the chief law enforcement officer of his or her place of residence during a specified ten-day period, stating that access to a handgun is necessary because of a threat to that person's life or the life of a member of his or her household; or (2) the law of the State in which the proposed transfer will occur requires that an authorized State or local official verify that the information available does not indicate that possession of a handgun by the prospective purchaser would violate the law and that such official has provided such verification in accordance with that law.

Requires, when a person applies to buy a handgun, that: (1) the licensed importer, manufacturer, or dealer contact the chief law enforcement officer of the prospective purchaser's place of residence; and (2) five (currently, three) business days have elapsed since the licensee contacted the national instant criminal background check system.