If you're going to dive into the club, please learn to discuss it using the proper terms, so as to be able to properly educate others, dispel the gunshop commando urban legends / wive's tales, and bring them into the fold. Unless you have a Type 01 (or 2) Federal Firearms License, you are not getting into the Class III Club. Based on what you're getting, you are joining the NFA Title II Club.
I know, it sounds nitpicky. But, a lot of the reason Title II firearms have so much mystique and confusion is because people have been told stuff for years by people who were giving them information that was based on half-truths, at best. This is how we got the stories about having to pay $500 per year for a machine gun license, or that you surrendered your 4th Amendment protections and ATF could enter your home at will.
Type refers to a Federal Firearms License. Class refers to a Special Occupancy Taxpayer status for licensees who wish to engage in the importing (Class 1), manufacturing (Class 2), or dealing (Class 3) of NFA Title II firearms. Title I refers to shotguns, rifles, handguns, and 'firearms'. Title II refers to machine guns, silencers (aka suppressors), short-barrel rifles, short-barrel shotguns, destructive devices (both explosive and large bore), and Any Other Weapons (AOW's).
Enough nitpicking. Welcome to the club. It's an addiction. I now have more Title II firearms than Title I (7 cans, 3 SBR's, 3 SBS', and 2 AOW's, vs. 3 rifles and 5 handguns).