This bill amends the General Laws in Chapter 6-11.1 entitled "Purchase and Sale of Precious Metals." The amendments require every person licensed under this chapter to keep a comprehensive record of all transactions concerning precious metals, including catalytic converters. The record must include the date and hour of the transaction, the seller's information, and a description of the property purchased or sold. For catalytic converters, the record must also include the vehicle registration or identification number and a bill of sale for the vehicle from which it was removed. The payment for the transaction must be made only by check. Licensees must deliver or mail weekly report forms to the chief of police and electronically submit them to the attorney general. The report forms must be retained for three years and made available for inspection by law enforcement agencies. Violations of these provisions are subject to penalties, including fines and imprisonment.

This bill also changes the penalties for violations of this chapter. A person convicted of a violation involving property valued over $500 or derived from a catalytic converter may be fined up to $2,000 and imprisoned for up to three years. The attorney general has the authority to suspend the license of any person who violates this chapter or attorney general regulations leading to penalties. This act would take effect upon passage.