H.R.8694

Federal HB8694 prohibits Buy Now, Pay Later loans for semiautomatic assault weapon purchases.

Federal HB8694, the Assault Weapon Financing Accountability Act, amends title 18 of the United States Code to prohibit short-term, Buy Now, Pay Later loans for the purchase of semiautomatic assault weapons. The bill defines semiautomatic assault weapons and outlines specific features that qualify a firearm as such. It also prohibits dealers, manufacturers, or importers from accepting funds from these loans for semiautomatic assault weapon purchases. Violators face a civil penalty of $100,000 per violation, assessed by the Attorney General after notice and opportunity for hearing.