This bill creates the "Rhode Island Catalytic Converter Interstate Compact" to regulate the sale and re-sale of catalytic converters and prevent the sale of stolen converters. The compact aims to decrease the availability of stolen converters, track down and prosecute those involved in the illegal trade of precious metals, and adopt uniform reporting documents. The bill also establishes a shared data system and licensing requirements for those in the business of selling or buying converters or precious metals.

Additionally, the bill allows individuals who meet certain criteria to apply for a compact privilege in a remote state. They must notify the department of attorney general, pay any applicable fees, and report any adverse actions taken by a non-member state. The bill also addresses adverse actions and investigations, stating that a home state has the exclusive power to impose adverse action against a license, but a home state may take adverse action based on investigative information from a remote state. The bill establishes a data system to coordinate and provide information on licensed individuals in member states.