What does Preamble of Assault Weapon Financing Accountability Act do?

This bill proposes to amend Title 18, United States Code. The proposed amendment aims to prohibit short-term 'Buy Now, Pay Later' loans. These loans would be prohibited for the purchase of semiautomatic assault weapons.

What does SHORT TITLE. of Assault Weapon Financing Accountability Act do?

This bill is formally titled the 'Assault Weapon Financing Accountability Act'.

What does BUY NOW, PAY LATER LOANS PROHIBITED FOR SEMIAUTOMATIC ASSAULT of Assault Weapon Financing Accountability Act do?

This section amends title 18 of the United States Code to prohibit Buy Now, Pay Later loans for the purchase of semiautomatic assault weapons. It prohibits dealers, manufacturers, or importers from knowingly accepting funds from Buy Now, Pay Later loans for such purchases if the purchaser is not licensed. The definition of 'Buy Now, Pay Later loan' includes loans primarily for personal use, payable in four or fewer installments. The legislation establishes civil penalties of $100,000 for violations by individuals offering such loans and for dealers, manufacturers, or importers accepting them. The section defines several terms related to semiautomatic firearms, including 'semiautomatic pistol,' 'semiautomatic shotgun,' and 'semiautomatic assault weapon,' outlining specific characteristics that classify a firearm as an assault weapon.

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Assault Weapon Financing Accountability Act

Last updated: 5/7/2026 · Introduced: 5/7/2026

Author: John Larson (D-CT)

TL;DR (AI)

This bill prohibits 'Buy Now, Pay Later' loans for the purchase of semiautomatic assault weapons.
It establishes civil penalties of up to $100,000 for individuals and entities that violate the prohibition on facilitating these loans.
The legislation defines specific characteristics to classify firearms as 'semiautomatic assault weapons' for the purposes of this prohibition.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

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