The "Rhode Island Catalytic Converter Interstate Compact Act" is a proposed legislation designed to combat the trafficking of stolen catalytic converters and the precious metals they contain. The bill would establish a compact among participating states to decrease the availability of stolen converters, enhance tracking and prosecution capabilities, and create a uniform system for reporting and storing information in an accessible database. The bill sets forth definitions for key terms and requires states to engage in a shared data system, mandate licensing for sellers and buyers, retain transaction records, and adhere to compact rules. Non-compliance could result in penalties, including imprisonment and fines.

The bill also details the conditions for obtaining and maintaining a compact privilege for licensees, such as eligibility requirements, notification and fee payment procedures, and the obligation to report adverse actions. It grants regulatory authority to remote states over licensees operating within their jurisdiction and outlines the coordinated database system for sharing licensure and investigative information. Furthermore, the bill describes the rulemaking process, including a public comment period and the possibility of rule rejection by member states' legislatures. It addresses enforcement, dispute resolution, and the compact's legal status, stating that it will take effect when the tenth state enacts it and that states may withdraw with notice. The act is intended to be liberally construed to fulfill its purpose and includes a severability clause. It aims to regulate the purchase and sale of catalytic converters and precious metals to prevent trafficking and will take effect upon passage.