HCS/SB 557 - This act modifies various provisions relating to the issuance of certificates of title for motor vehicles.
Under the terms of this act, owners of rebuilt salvage vehicles which are 10 years of age or older who submit such vehicles to examinations conducted by the Highway Patrol in order to obtain certificates of ownership with prior salvage motor vehicle designations are not required to repair or restore such vehicles to their original appearance in order to pass or complete the vehicle examination (Section 301.190).
Under the terms of this act, any insurer which purchases a vehicle, other than abandoned vehicles, through the claims adjustment process for which the insurer is unable to obtain a negotiable title, may make application to the department of revenue for a salvage certificate of title or junking certificate. The application may be made by the insurer or its designated salvage pool on a form provided by the department and signed under penalty of perjury. The application shall include a declaration that the insurer has made at least 2 written attempts to obtain the certificate of ownership, transfer documents, or other acceptable evidence of title, and be accompanied by proof of claims payment from the insurer, evidence that letters were delivered to the vehicle owner, a statement explaining the circumstances by which the property came into the insurer's possession, a description of the property including the year, make, model, vehicle identification number, and current location of the property, and a fee of $8.50. The insurer shall, 30 days prior to making application for title, notify any owners or lienholders of record for the vehicle that the insurer intends to apply for a certificate of title from the director for the vehicle. Upon receipt of the application and supporting documents, the director shall search the records of the department, or initiate an inquiry with another state, if the evidence presented indicated the vehicle described in the application was registered or titled in another state, to verify the name and address of any owners and any lienholders. After 30 days from receipt of the application, if no valid lienholders have notified the department of the existence of a lien, the department shall issue a salvage certificate of title or junking certificate for the vehicle in the name of the insurer. This portion of the act is similar to SB 879 (2012) and HCS/HB 1875 (2012)(Section 301.193).
These provisions may also be found in SCS/HCS/HB 1150 (2012).