H.R. 8694

[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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