HB1026: Certificates of salvage title.

Legislative Summary

Certificates of salvage title. Provides that the bureau of motor vehicles (bureau) may issue a certificate of salvage title to a vehicle designated as "JUNK", "DISMANTLED", "SCRAP", "DESTROYED", or a similar designation in another state or jurisdiction. Provides that a vehicle may be issued a certificate of salvage title if the person that owns the vehicle does the following: (1) Surrenders the certificate of title containing the appropriate designation and showing proof of ownership. (2) Submits two photographs of the vehicle showing the damage to the vehicle. (3) Submits two estimates showing the damage to the vehicle, and that the cost of repairing the vehicle does not exceed 70% of the fair market value immediately before the vehicle obtained the designation "JUNK", "DISMANTLED", "SCRAP", "DESTROYED", or a similar designation in another state or jurisdiction. Sets forth the required information the bureau must place on a certificate of salvage title. Makes conforming changes.