Larson Introduces Bill to Ban Deadly Loophole Allowing Shooters to Use Instant Financing Schemes to Purchase Assault Weapons

Washington, D.C. - Today, Rep. John B. Larson (CT-01) introduced the Assault Weapons Financing Accountability Act to ban the use of predatory Buy Now, Pay Later (BNPL) payment plans for purchasing assault weapons and ghost gun kits that can be used to build them.

Banning the use of these instant financing options for assault weapons and ghost gun kits is an essential step to getting these weapons of war off our streets and preventing tragedies before they occur. Buy Now, Pay Later schemes allow shooters to immediately take possession of these weapons of war without exchanging any money. Firms like Credova have been known for aggressively advertising this payment option for firearms in the United States. In 2022, Rep. Larson led a letter to Credova CEO Dusty Wunderlich requesting information about the use of Credova's Buy Now, Pay Later services to finance online purchases for guns, ammunitions, and firearm accessories.

"Connecticut is no stranger to the scourge of gun violence plaguing our nation," said Larson. "Nearly 14 years ago, we lost 26 innocent lives in the shooting at Sandy Hook Elementary. Since then, gun violence has ripped apart more communities and families across our nation. Enough is enough. We are introducing commonsense legislation to ban buy now, pay later plans for assault weapons, which have become popular among mass shooters as a way to instantly finance and purchase their weapons. I will continue to work with advocates and my colleagues to do more, so no American has to fear going to school, their place of worship, or the grocery store."

"'Buy Now, Pay Later' schemes for assault weapons threaten public safety by facilitating impulsive and reckless purchases of extremely dangerous firearms," said Mark Collins, Director of Federal Policy at Brady: United Against Gun Violence. "These financing programs allow young individuals with little-to-no credit history to easily acquire weapons of war, maximizing gun industry profits at the expense of arming would-be mass shooters. Brady thanks Representative Larson for introducing the Assault Weapon Financing Accountability Act, which will end this predatory practice and bring us one step closer to freeing America from gun violence."

"Most of the deadliest mass shootings in our nation's history have been committed using assault weapons," said Emma Brown, Executive Director at GIFFORDS. "These are not guns that should be purchased with the same kind of payment plans consumers use for televisions and holiday presents. This bill will make it harder for dangerous people to get instant access to assault weapons (without ever intending to pay for them). We urge Congress to swiftly pass this important piece of legislation."

In June 2016, following the Pulse nightclub shooting, Rep. Larson and his colleagues staged a sit-in on the House floor to demand action on gun violence prevention, shutting down the House for 26 hours. Rep. Larson supports the Bipartisan Background Checks Act to establish universal background checks for firearms transfers, an Assault Weapons Ban, and Rep. Rosa DeLauro's bill to create safe firearm storage standards and protect minors.

Original cosponsors of the Assault Weapons Financing Accountability Act include Reps. Julia Brownley (CA-26), Emanuel Cleaver (MO-05), Lloyd Doggett (TX-37), Maxwell Frost (FL-10), Hank Johnson (GA-04), Stephen Lynch (MA-08), Eleanor Holmes Norton (DC-AL), Scott Peters (CA-50), Brittany Pettersen (CO-07), Rashida Tlaib (MI-12), and Frederica Wilson (FL-24).

Full bill text is available HERE.