Assault Weapon Financing Accountability Act

Prohibition of specific financing for specific weapons: The bill makes it unlawful to make a Buy Now, Pay Later loan for the purchase of a semiautomatic assault weapon, as defined in Section 2(a)(1).

Regulation of industry recipients: It prohibits dealers, manufacturers, or importers from knowingly accepting funds via a Buy Now, Pay Later loan from unlicensed individuals for these purchases, as stated in Section 2(a)(2).

Financial accountability through penalties: The bill establishes a $100,000 civil penalty assessed by the Attorney General for persons offering prohibited loans and for dealers, manufacturers, or importers who accept them, according to Section 2(b).

Financial penalties for loan providers: Persons offering Buy Now, Pay Later loans for these weapons could be assessed a civil penalty of $100,000 after notice and an opportunity for a hearing, per Section 2(b)(1).

Financial penalties for industry professionals: Dealers, manufacturers, or importers who knowingly accept these specific funds could also be assessed a civil penalty of $100,000 by the Attorney General, as noted in Section 2(b)(2).