Indiana Secretary of State Holli Sullivan’s legislation, regulating the transaction of catalytic converters was signed into law by Governor Eric J. Holcomb Monday.
“Every day Hoosiers’ vehicles across our state are targeted by thieves looking to make a quick buck by cutting out catalytic converters,” Secretary Sullivan said. “The metal component can be stolen in a matter of minutes but can set back unsuspecting car owners thousands of dollars for repair and replacement. Through our Auto Dealer Services Division, we are committed to slowing this trend and protecting Hoosiers’ hard-earned money.”
The new law, SEA 293, defines catalytic converters as a ‘major component part’ so only licensed salvage recyclers can buy or sell catalytic converters.
The law also requires salvage recyclers to keep the same records for converters as valuable metal dealers, places a cap on cash payouts for detached catalytic converters at $25 per transaction per day and requires businesses buying or selling catalytic converters to be licensed with the Secretary of State’s Auto Dealer Services Division.
According to the National Insurance Crime Bureau, replacement and labor for a stolen catalytic converter can cost anywhere from $1,000 to $3,000.
About Auto Dealer Services Division
The Auto Dealer Services Division, in the office of the Indiana Secretary of State, licenses and regulates the vehicle, watercraft and scrap parts industries in Indiana.