This bill prohibits the use of Buy Now, Pay Later financing to purchase semiautomatic assault weapons and blocks gun dealers from accepting payments obtained through such loans. The legislation defines semiautomatic assault weapons broadly to include various rifles, pistols, and shotguns based on specific features like pistol grips, folding stocks, threaded barrels, and magazine capacity. Anyone offering a Buy Now, Pay Later loan for these weapons or dealers who knowingly accept such payments would face civil penalties of $100,000 per violation, enforced by the Attorney General after notice and an opportunity for a hearing. The bill does not establish new funding mechanisms or specific implementation timelines. It primarily affects financial companies offering installment payment plans and gun dealers, while aiming to restrict consumer access to semiautomatic weapons through short-term financing options.
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