- Introduced -

SB 1262 - This act revises the definition of "salvage vehicle" to include any motor vehicle, semitrailer, or house trailer which has been damaged to the extent that the total cost of repairs to rebuild the vehicle to its condition immediately before it was damaged exceeds 75% of the fair market value of the vehicle prior to the damage. The total cost of repairs to rebuild or reconstruct the vehicle shall not include the cost or repairing, replacing, or reinstalling tires, sound systems or any sales tax for parts or materials to rebuild the vehicle. The act defines "fair market value". Salvage titles may be negotiable with one reassignment on the back of the title by registered dealers or insurance companies.

This act is similar to HB 1284 (2004).

STEPHEN WITTE