The Assault Weapon Financing Accountability Act would prohibit Buy Now, Pay Later financing arrangements for the purchase of semiautomatic assault weapons. The bill defines "Buy Now, Pay Later loans" as loans made for personal use that can be repaid in four or fewer installments without a down payment. The legislation would make it illegal for lenders to offer these short-term financing options for assault weapon purchases and would prohibit firearm dealers, manufacturers, and importers from accepting funds obtained through such loans. Violations would result in civil penalties of $100,000 per offense assessed by the Attorney General after notice and opportunity for a hearing. The bill provides detailed statutory definitions of what constitutes a semiautomatic assault weapon, covering various rifle, pistol, and shotgun configurations based on features like pistol grips, detachable magazines, and folding stocks.
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