COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 4571-07
Bill No.: Perfected SCS for SB 1262
Subject: Motor Vehicles; Revenue Dept.; Insurance - Automobile
Type: Original
Date: March 18, 2004
FISCAL SUMMARY
| FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
| Total Estimated
Net Effect on General Revenue Fund |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
| Total Estimated
Net Effect on Other State Funds |
$0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
| FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
| Local Government | $0 | $0 | $0 |
ASSUMPTION
Officials with the Department of Transportation and Department of Insurance assume this proposal would have no fiscal impact on their agencies.
Officials with the Department of Revenue (DOR) assume their agency would be required to notify their field offices of the procedural changes contained in this act. DOR estimates a total cost in FY05 totaling $530 for printing, envelopes, and postage related to this notification. Oversight assumes that such notification could take place within the normal parameters of field communication and that the additional notification warranted by this proposal can be done utilizing existing resources already in place or planned.
| FISCAL IMPACT - State Government | FY 2005
(10 Mo.) |
FY 2006 | FY 2007 |
| $0 | $0 | $0 | |
| FISCAL IMPACT - Local Government | FY 2005
(10 Mo.) |
FY 2006 | FY 2007 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This act redefines "salvage vehicle" to include any vehicle which has been damaged to the extent that the total cost of repairs to rebuild or reconstruct the vehicle to its condition immediately before it was damaged for legal operation on the roads or highways exceeds 75% of the fair market value of the vehicle immediately preceding the time it was damaged. The act stipulates that the total cost of repairs not include the cost of repairing, replacing, or reinstalling inflatable safety restraints, tires, sound systems, or any sales tax for parts or materials.
This legislation states that a salvage title shall be negotiable with one reassignment on back by registered dealers or insurance companies only.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Department of Revenue
Department of Transportation
Department of Insurance
Mickey Wilson, CPA
Director
March 18, 2004