No CRS summary available for this bill.
This section prohibits any person from making a Buy Now, Pay Later loan to purchase a semiautomatic assault weapon and prohibits dealers, manufacturers, or importers from knowingly accepting funds from such a loan for that purpose. It imposes a civil penalty of $100,000 for each violation and defines a Buy Now, Pay Later loan as one made primarily for personal, family, or household purposes and payable in four or fewer installments. The section also defines semiautomatic assault weapon to include specified semiautomatic rifles, pistols, and shotguns with features such as a pistol grip, forward grip, folding or detachable stock, threaded barrel, barrel shroud, or capacity to accept a detachable ammunition feeding device, along with related terms including semiautomatic pistol, semiautomatic shotgun, barrel shroud, and detachable ammunition feeding device.