Assault Weapon Financing Accountability Act

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8694 Introduced in House (IH)]

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119th CONGRESS
  2d Session
                                H. R. 8694

To amend title 18, United States Code, to prohibit short-term, Buy Now,
   Pay Later loans for the purchase of semiautomatic assault weapons.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                              May 7, 2026

   Mr. Larson of Connecticut (for himself, Mr. Frost, Ms. Wilson of
Florida, Ms. Norton, Mr. Peters, Ms. Tlaib, Mr. Cleaver, Mr. Lynch, Mr.
   Doggett, Mr. Johnson of Georgia, Ms. Pettersen, and Ms. Brownley)
 introduced the following bill; which was referred to the Committee on
                             the Judiciary

_______________________________________________________________________

                                 A BILL

To amend title 18, United States Code, to prohibit 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 make 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, manufacturer, or importer, in or
        affecting interstate or foreign commerce, knowingly to accept
        funds obtained by an individual not licensed under this chapter
        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) Accepting buy now, pay later loans.--With respect to
        each violation of section 922(aa)(2) by a dealer, manufacturer,
        or importer, such dealer, manufacturer, or importer 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:
    ``(39) 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.
    ``(40) 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.
    ``(41) 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).
    ``(42) 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.
    ``(43) The term `detachable ammunition feeding device' means an
ammunition feeding device that can be removed from a firearm without
disassembly of the firearm.
    ``(44) 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.
    ``(45) 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.
    ``(46) The term `forward grip' means a grip located forward of the
trigger that functions as a pistol grip.
    ``(47) The term `grenade launcher' means an attachment for use on a
firearm that is designed to propel a grenade or other similar
destructive device.
    ``(48) 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.
    ``(49) 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.
    ``(50) 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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