Assault Weapon Financing Accountability Act

To amend title 18, United States Code, to prohibit the making of short-term, Buy Now, Pay Later loans for the purchase of semiautomatic assault weapons. 1. Short title This Act may be cited as the Assault Weapon Financing Accountability Act 2. Buy Now, Pay Later loans prohibited for semiautomatic assault weapon sales (a) Buy now, pay later loans prohibited for semiautomatic assault weapon sales Section 922 of title 18, United States Code, is amended by adding at the end the following: (aa) Buy Now, Pay Later loans for semiautomatic assault weapons (1) Loans It shall be unlawful for any person, in or affecting interstate or foreign commerce, to offer a Buy Now, Pay Later loan to an individual to purchase a semiautomatic assault weapon. (2) Dealers accepting Buy Now, Pay Later loans It shall be unlawful for any dealer, in or affecting interstate or foreign commerce, to knowingly accept funds obtained by an individual through a Buy Now, Pay Later loan for such individual to purchase a semiautomatic assault weapon. (3) Buy Now, Pay Later loan defined For the purposes of this subsection, the term Buy Now, Pay Later loan (A) made primarily for personal, family, or household purposes; and (B) payable in four or fewer installments not including a down payment. . (b) Penalties relating to Buy Now, Pay Later loans for semiautomatic weapon sales Section 924 of title 18, United States Code, is amended by adding at the end the following: (q) Penalties relating to Buy Now, Pay Later loans for semiautomatic weapon sales (1) Persons offering Buy Now, Pay Later loans With respect to each violation of section 922(aa)(1) by a person, such person shall be, after notice and opportunity for hearing, assessed a civil penalty of $100,000 by the Attorney General. (2) Dealers accepting Buy Now, Pay Later loans With respect to each violation of section 922(aa)(2) by a dealer, such dealer shall be, after notice and opportunity for hearing, assessed a civil penalty of $100,000 by the Attorney General. . (c) Definitions Section 921(a) of title 18, United States Code, is amended by adding at the end the following: (38) The term semiautomatic pistol (A) utilizes a portion of the energy of a firing cartridge to extract the fired cartridge case and chamber the next round; and (B) requires a separate pull of the trigger to fire each cartridge. (39) The term semiautomatic shotgun (A) utilizes a portion of the energy of a firing shell to extract the fired shell casing and chamber the next round; and (B) requires a separate pull of the trigger to fire each shell. (40) The term semiautomatic assault weapon (A) A semiautomatic rifle that has the capacity to accept a detachable ammunition feeding device and any one of the following: (i) A pistol grip. (ii) A forward grip. (iii) A folding or detachable stock, or stock that is otherwise foldable or adjustable in a manner that operates to reduce the length, size, or any other dimension, or otherwise enhances the concealability of the weapon. (iv) A functional grenade launcher. (v) A barrel shroud. (vi) A threaded barrel. (B) A semiautomatic rifle that has a fixed ammunition feeding device with the capacity to accept more than 10 rounds, except for an attached tubular device designed to accept, and is capable of operating with, .22 caliber rimfire ammunition. (C) Any part, combination of parts, component, device, attachment, or accessory that is designed and functions to accelerate the rate of fire of a semiautomatic rifle but not convert the semiautomatic rifle into a machinegun. (D) A semiautomatic pistol that has the capacity to accept a detachable ammunition feeding device and any one of the following: (i) A threaded barrel. (ii) A second pistol grip. (iii) A barrel shroud. (iv) The capacity to accept a detachable ammunition feeding device at some location outside of the pistol grip. (v) A semiautomatic version of an automatic firearm. (vi) A manufactured weight of 50 ounces or more when unloaded. (vii) A buffer tube, arm brace, or other part that protrudes horizontally behind the pistol grip. (E) A semiautomatic pistol with a fixed ammunition feeding device that has the capacity to accept more than 10 rounds. (F) A semiautomatic shotgun that has any one of the following: (i) A folding or detachable stock. (ii) A pistol grip. (iii) A fixed ammunition feeding device with the capacity to accept more than 5 rounds. (iv) The ability to accept a detachable ammunition feeding device. (v) A forward grip. (vi) A functional grenade launcher. (G) Any shotgun with a revolving cylinder. (H) Any belt-fed semiautomatic firearm. (I) Any combination of parts from which a firearm described in subparagraph (A), (B), (C), (D), (E), (F), (G), or (H) can be assembled. (J) The frame or receiver of a rifle or shotgun described in subparagraph (A), (B), (C), (F), (G), or (H). (41) The term barrel shroud (A) means a shroud that is attached to, or partially or completely encircles, the barrel of a firearm so that the shroud protects the user of the firearm from heat generated by the barrel; and (B) does not include— (i) a slide that partially or completely encloses the barrel; or (ii) an extension of the stock along the bottom of the barrel which does not encircle or substantially encircle the barrel. (42) The term detachable ammunition feeding device (43) The term fixed ammunition feeding device (44) The term folding or detachable stock (45) The term forward grip (46) The term grenade launcher (47) The term pistol grip (48) The term threaded barrel (49) The term belt-fed semiautomatic firearm (A) utilizes a portion of the energy of a firing cartridge to extract the fired cartridge case and chamber the next round; (B) requires a separate pull of the trigger to fire each cartridge; and (C) has the capacity to accept a belt ammunition feeding device. .

Summary: Assault Weapon Financing Accountability Act This bill makes it a crime to offer or accept certain short-term loans for the purchase of specified semiautomatic assault weapons.