Assault Weapon Financing Accountability Act

Key Points

• This bill would make it illegal for companies to offer short-term installment loans to people buying semiautomatic assault weapons. These loans, often called Buy Now, Pay Later plans, allow buyers to pay for an item in four or fewer payments instead of all at once.
• Gun dealers, manufacturers, and lenders would be banned from using these payment plans for specific types of firearms. If a company or dealer breaks this rule, they would have to pay a $100,000 fine for each violation.
• The bill defines assault weapons to include certain semiautomatic rifles, pistols, and shotguns that have features like folding stocks, pistol grips, or the ability to hold many rounds of ammunition. It also covers parts that make a gun fire faster.
• Supporters of the bill want to prevent people from using quick and easy financing to get high-powered weapons. They believe that requiring the full price upfront could help slow down the sale of these firearms.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.