Assault Weapon Financing Accountability

Summary#

This bill would add new rules to Title 18 of the U.S. Code. It would make it illegal for a person or company to make a Buy Now, Pay Later loan to someone to buy a semiautomatic assault weapon. It would also make it illegal for a dealer, manufacturer, or importer to knowingly accept funds from such a Buy Now, Pay Later loan when the buyer is not licensed under the chapter. The bill defines a "Buy Now, Pay Later loan" as one made mainly for personal, family, or household purposes and payable in four or fewer installments, not counting a down payment. The bill adds many new definitions to Section 921(a), including definitions for semiautomatic pistol, semiautomatic shotgun, semiautomatic assault weapon, barrel shroud, detachable and fixed ammunition feeding devices, folding or detachable stock, forward grip, threaded barrel, belt-fed semiautomatic firearm, and related parts. It also adds civil penalties in Section 924: a $100,000 penalty, assessed by the Attorney General after notice and a hearing, for each violation by a person offering Buy Now, Pay Later loans and for each violation by a dealer, manufacturer, or importer who accepts such funds.

What it means for you#

  • If you offer Buy Now, Pay Later financing, you could not make those short-term installment loans for the purchase of a firearm that meets the bill's definition of a semiautomatic assault weapon.
  • If you are a firearm dealer, manufacturer, or importer, you could not knowingly accept funds from a Buy Now, Pay Later loan used by an unlicensed buyer to buy such a weapon.
  • If you are a consumer, a Buy Now, Pay Later option would not be available for purchases of weapons that meet the new definitions in the bill.

Expenses#

  • The bill specifies a civil penalty of $100,000 for each violation. The Attorney General would assess the penalty after notice and an opportunity for a hearing.
  • No publicly available information on other federal costs, implementation expenses, or budgetary effects is included in the bill text or provided metadata.

Proponents' View#

No publicly available information.

Opponents' View#

No publicly available information.