The bill amends Chapter 6-11.1 of the General Laws, which pertains to the purchase and sale of precious metals, including catalytic converters. The amendments include a requirement for licensed persons to keep a comprehensive record of all transactions, now including a bill of sale for the vehicle from which a catalytic converter was removed. Additionally, the record must now be kept for three years instead of one year, and payments for transactions must be made by check. The bill also removes the exemption of business-to-business transactions from certain record-keeping requirements.

Penalties for violating the provisions of this chapter have been updated. Violations can result in misdemeanor charges, with fines up to $500 or imprisonment for up to one year, or both. If the transaction involves property valued over $500 or is derived from a catalytic converter, the penalties increase to fines up to $2,000 or imprisonment for up to three years, or both. The attorney general's authority to suspend licenses for violations has been clarified. The act will take effect upon passage.