INDIANAPOLIS (WANE) — A new bill designed to curb catalytic converter thefts in Indiana has been signed into law.

Gov. Eric Holcomb on Monday signed Senate Bill 293, which defines catalytic converters as “major component parts.” That means only licensed salvage recyclers can buy or sell the devices.

Indiana Secretary of State Holli Sullivan said the legislation will help to regulate the transaction of catalytic converters as reported thefts of the devices continue to rise.

“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 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.