Assault Weapon Financing Accountability Act
Sponsored By: Representative Larson, John B. [D-CT-1]
Introduced
Summary
Blocks Buy Now, Pay Later financing for semiautomatic assault weapons. This bill would also prohibit dealers from accepting BNPL-obtained funds for those weapons and set civil penalties for violations.
Show full summary
- Consumers and households: Individuals could not use a BNPL loan payable in four or fewer installments to buy a semiautomatic assault weapon.
- BNPL lenders and finance firms: Companies that make BNPL loans for these purchases would face a civil penalty of $100,000 per violation, assessed by the Attorney General after notice and an opportunity for a hearing.
- Dealers, manufacturers, importers: Sellers who knowingly accept BNPL-obtained funds from an individual not licensed under this chapter for such a purchase would face the same $100,000 penalty per violation.
- Scope and definitions: The bill defines "semiautomatic assault weapon" and related parts like pistol grips, folding or detachable stocks, threaded barrels, and detachable or fixed magazines to broaden what is covered regardless of country of manufacture.
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 0 benefits, 2 costs, 1 mixed.
Fines for buy-now-pay-later violations
If enacted, the Attorney General could fine violators $100,000 for each violation. The fine applies to people who make prohibited BNPL loans tied to these purchases. It also applies to dealers, manufacturers, or importers who knowingly accept BNPL-obtained funds. Fines could be imposed only after notice and an opportunity for hearing. These rules would take effect upon enactment.
Which guns count as assault weapons
If enacted, the bill would create detailed statutory definitions for "semiautomatic assault weapon" and many related parts. It would list covered features for rifles, pistols, and shotguns. It would set capacity thresholds, for example more than 10 rounds for rifles and more than 5 rounds for shotguns. Some pistols weighing 50 ounces or more when unloaded would also be covered. Definitions would apply regardless of country of manufacture or caliber and would take effect upon enactment.
Ban BNPL for assault-weapon purchases
If enacted, you could not use Buy Now, Pay Later loans to buy a semiautomatic assault weapon. BNPL means a loan for personal, family, or household use payable in four or fewer installments, not counting a down payment. Dealers, manufacturers, or importers could not knowingly accept BNPL-obtained funds from an unlicensed buyer. These rules would take effect upon enactment.
Sponsors & CoSponsors
Sponsor
Larson, John B. [D-CT-1]
CT • D
Cosponsors
Rep. Frost, Maxwell [D-FL-10]
FL • D
Sponsored 5/7/2026
Wilson (FL)
FL • D
Sponsored 5/7/2026
Del. Norton, Eleanor Holmes [D-DC-At Large]
DC • D
Sponsored 5/7/2026
Peters
CA • D
Sponsored 5/7/2026
Rep. Tlaib, Rashida [D-MI-12]
MI • D
Sponsored 5/7/2026
Rep. Cleaver, Emanuel [D-MO-5]
MO • D
Sponsored 5/7/2026
Rep. Lynch, Stephen F. [D-MA-8]
MA • D
Sponsored 5/7/2026
Rep. Doggett, Lloyd [D-TX-37]
TX • D
Sponsored 5/7/2026
Johnson (GA)
GA • D
Sponsored 5/7/2026
Rep. Pettersen, Brittany [D-CO-7]
CO • D
Sponsored 5/7/2026
Rep. Brownley, Julia [D-CA-26]
CA • D
Sponsored 5/7/2026
Rep. Menendez, Robert [D-NJ-8]
NJ • D
Sponsored 5/14/2026
Rep. Amo, Gabe [D-RI-1]
RI • D
Sponsored 5/14/2026
Rep. Neguse, Joe [D-CO-2]
CO • D
Sponsored 5/14/2026
Rep. Gottheimer, Josh [D-NJ-5]
NJ • D
Sponsored 5/14/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov