PART Act

Enhanced Identification and Traceability: The bill requires new regulations to ensure catalytic converters are marked with unique identification numbers that can be accessed by law enforcement (Section 3). This could help authorities track stolen parts more effectively.

Financial Assistance for Security Measures: A grant program will be established to fund "covered activities," such as stamping identification numbers on parts, at no cost to the vehicle owner (Section 4).

Targeted Support for High-Need Areas: The Secretary will prioritize awarding grants to entities operating in areas with high rates of catalytic converter theft (Section 4).

Increased Accountability in Sales: By requiring sellers to provide specific identification and contact information to purchasers, the bill increases the record-keeping required for these transactions (Section 5).

Deterrence through Traceable Payments: The requirement that all sales or purchases of catalytic converters be made via traceable forms of payment, such as checks or wire transfers, rather than cash or digital assets, aims to make illegal transactions harder to hide (Section 5).

Stricter Legal Consequences for Thieves: The act establishes new federal crimes for stealing or knowingly purchasing catalytic converters, carrying penalties of up to five years in prison (Section 6).

Strict Requirements for Sellers: People engaged in the business of salvaging, dismantling, recycling, or repairing motor vehicle parts must now provide specific personal information and vehicle identification numbers to purchasers and retain those records for at least two years (Section 5).

Limitations on Payment Methods: Individuals or businesses purchasing or selling catalytic converters will no longer be able to use cash or digital assets for these transactions, as the bill mandates the use of traceable forms of payment like checks or wire transfers (Section 5).

Potential Criminal Liability for Buyers: It will be unlawful to knowingly purchase a catalytic converter with the intent to sell or dispose of it if the buyer knows the part has been stolen (Section 6).