as introduced - 92nd Legislature (2021 - 2022) Posted on 02/15/2021 02:37pm
Engrossments | ||
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Introduction | Posted on 02/15/2021 |
A bill for an act
relating to motor vehicles; requiring disclosure of cause of damage on motor vehicle
salvage titles; amending Minnesota Statutes 2020, section 168A.151, subdivision
1.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2020, section 168A.151, subdivision 1, is amended to read:
(a) When an insurer, licensed to conduct business in
Minnesota, acquires ownership of a late-model or high-value vehicle through payment of
damages, the insurer shall immediately apply for a salvage certificate of title or shall stamp
the existing certificate of title with the legend "SALVAGE CERTIFICATE OF TITLE" in
a manner prescribed by the department. Within ten days of obtaining the title of a vehicle
through payment of damages, an insurer must notify the department in a manner prescribed
by the departmentdeleted text begin .deleted text end new text begin , which shall identify the nature of the damage to the vehicle, including
whether the damage was due to:
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(1) flood;
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(2) hail;
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(3) fire; or
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(4) collision.
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(b) A person shall immediately apply for a salvage certificate of title if the person acquires
a damaged late-model or high-value vehicle with an out-of-state title and the vehicle:
(1) is a vehicle that was acquired by an insurer through payment of damages;
(2) is a vehicle for which the cost of repairs exceeds the value of the damaged vehicle;
or
(3) has an out-of-state salvage certificate of title as proof of ownership.
(c) A self-insured owner of a late-model or high-value vehicle that sustains damage by
collision or other occurrence which exceeds 80 percent of its actual cash value shall
immediately apply for a salvage certificate of title.