Hi Max, thanks for the video! In my case, one side of the jaws seems to have lost whatever small metal nub catches the spring, so it wouldn’t stay seated. In the end I got replacement jaws off of ebay in the same style as Larry’s, so there is actually a drilled hole for the spring wire to feed through. Works great again!
(They were ‘new’ old stock Stanley Universal Type G Brace Bit Jaws https://www.ebay.com/itm/185196764691)