The Preventing Auto Recycling Theft Act aims to crack down on catalytic converter theft by requiring manufacturers to mark all new catalytic converters with vehicle identification numbers and establishing a grant program to stamp identification marks on existing converters. The bill requires the National Highway Traffic Safety Administration to update federal regulations within 180 days to include catalytic converters in motor vehicle anti-theft standards, and it mandates that sellers of catalytic converters and precious metal car parts keep records of transactions and only accept traceable forms of payment (checks, wire transfers) rather than cash. The legislation also creates significant new criminal penalties, making it a federal felony punishable by up to 5 years in prison to steal a catalytic converter or knowingly purchase one knowing it was stolen, and establishing a $7 million grant program for law enforcement agencies, auto dealers, repair shops, and nonprofits to stamp identification numbers on vehicles in high-theft areas. The bill requires annual reports to Congress for 10 years on the program's progress and effectiveness in reducing catalytic converter theft.
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