Assault Weapon Financing Accountability Act
Bill: H.R.9686 | Sponsor: Rep. Malinowski, Tom (D-NJ)
Policy area: Crime and Law Enforcement

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.

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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Assault Weapon Financing 
Accountability Act''.

SEC. 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' means a 
        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' means any repeating 
        firearm, other than a shotgun or rifle, that--
                    ``(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' means any repeating 
        shotgun that--
                    ``(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' means any of 
        the following, regardless of country of manufacture or caliber 
        of ammunition accepted:
                    ``(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' 
        means an ammunition feeding device that can be removed from a 
        firearm without disassembly of the firearm.
            ``(43) The term `fixed ammunition feeding device' means an 
        ammunition device that is permanently fixed to the firearm in 
        such a manner that it cannot be removed without disassembly of 
        the firearm.
            ``(44) The term `folding or detachable stock' means a stock 
        that folds, detaches or otherwise operates to reduce the 
        length, size, or any other dimension, or otherwise enhances the 
        concealability, of the firearm.
            ``(45) The term `forward grip' means a grip located forward 
        of the trigger that functions as a pistol grip.
            ``(46) The term `grenade launcher' means an attachment for 
        use on a firearm that is designed to propel a grenade or other 
        similar destructive device.
            ``(47) The term `pistol grip' means a grip, a thumbhole 
        stock or Thordsen-type grip or stock, or any other 
        characteristic that can function as a grip.
            ``(48) The term `threaded barrel' means a feature or 
        characteristic that is designed in such a manner to allow for 
        the attachment of a device as a firearm silencer or a flash 
        suppressor.
            ``(49) The term `belt-fed semiautomatic firearm' means any 
        repeating firearm that--
                    ``(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.''.
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