Assault Weapon Financing Accountability Act

This bill would make it illegal under federal law to give an individual a Buy Now, Pay Later loan to buy a semiautomatic assault weapon. It would also make it illegal for gun dealers, manufacturers, or importers to knowingly accept money from such a loan for that purchase. A Buy Now, Pay Later loan is defined as a personal or household loan paid in four or fewer installments, not counting a down payment. Each violation could lead to a $100,000 civil penalty from the Attorney General after notice and a hearing. The bill also adds a federal definition of "semiautomatic assault weapon" based on features such as pistol grips, threaded barrels, and magazine capacity.

Full text and official record on Congress.gov

Sponsors

• John B. Larson Democrat sponsor
• 21 cosponsors