Synopsis: Certificate of salvage titles. Authorizes the owner of a
salvage motor vehicle to retain possession of the salvage motor vehicle
under certain circumstances. Sets the procedure for the owner to obtain
a certificate of salvage title. Repeals and relocates language relating to
the fee for the issuance of a salvage title. Specifies that the revenues
collected from the issuance of salvage titles shall be deposited in the
motor vehicle highway account. Makes it a Class D infraction for a
person who fails to comply with certain requirements concerning
certificates of title and certificates of salvage title on salvage motor
vehicles.
Effective: July 1, 2006.
January 10, 2006, read first time and referred to Committee on Corrections, Criminal, and
Civil Matters.
A BILL FOR AN ACT to amend the Indiana Code concerning
motor vehicles.
vehicle, motorcycle, semitrailer, or recreational vehicle if the fair
market value cannot be determined from the source referred to in
section 2(1) of this chapter.
(HOUSE SPONSORS _ DUNCAN, DAVIS, GOODIN)
January 19, 2006, pursuant to Senate Rule 65(b), reassigned to Committee on Insurance
and Financial Institutions.
January 30, 2006, amended, reported favorably _ Do Pass.
February 1, 2006, read second time, ordered engrossed.
February 2, 2006, engrossed. Read third time, passed. Yeas 50, nays 0.
February 7, 2006, read first time and referred to Committee on Roads and Transportation.
February 21, 2006, amended, reported _ Do Pass.
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
Constitution) is being amended, the text of the existing provision will appear in this style type,
additions will appear in this style type, and deletions will appear in this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional
provision adopted), the text of the new provision will appear in this style type. Also, the
word NEW will appear in that style type in the introductory clause of each SECTION that adds
a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
between statutes enacted by the 2005 Regular Session of the General Assembly.
(1) An insurance company has determined that it is economically
impractical to repair the wrecked or damaged motor vehicle,
motorcycle, semitrailer, or recreational vehicle and has made an
agreed settlement with the insured or claimant.
(2) If the owner of the vehicle is a business that insures its own
vehicles, or an insurance company, the cost of repairing the
wrecked or damaged motor vehicle, motorcycle, semitrailer, or
recreational vehicle exceeds seventy percent (70%) of the fair
market value immediately before the motor vehicle, motorcycle,
semitrailer, or recreational vehicle was wrecked or damaged.
(3) The motor vehicle is a flood damaged vehicle.
(b) For the purposes of this section, the bureau shall, upon request,
determine the fair market value of a wrecked or damaged motor
(c) Except as described in section 11(c) of this chapter, an
insurance company must shall apply for a salvage title for any a
vehicle that the insurance company has determined is economically
impractical to repair.
(d) An owner described in subsection (a)(2) shall apply for a
salvage title for any vehicle that has sustained damages of seventy
percent (70%) or more of the fair market value immediately before the
motor vehicle, motorcycle, semitrailer, or recreational vehicle was
wrecked or damaged if the vehicle meets the criteria of specified in
subsection (a)(1). (a)(2).
(1) An insurance company that declares a wrecked or damaged
motor vehicle, motorcycle, semitrailer, or recreational vehicle that
meets at least one (1) of the criteria set forth in section 3 of this
chapter and the ownership of which is not evidenced by a
certificate of salvage title.
(2) An insurance company that has made and paid an agreed
settlement for the loss of a stolen motor vehicle, motorcycle,
semitrailer, or recreational vehicle that:
(A) has been recovered by the titled owner; and
(B) meets at least one (1) of the criteria set forth in section
3 of this chapter.
(b) A person who owns or holds a lien upon a vehicle described in
subsection (a) shall assign the certificate of title to the insurance
company described in subsection (a). The insurance company shall
apply to the bureau within thirty-one (31) days after receipt of the
certificate of title for a certificate of salvage title for each salvage or
stolen vehicle subject to this chapter. The insurance company shall
surrender the certificate of title to the department and pay the fee
prescribed under IC 9-29-7 for a certificate of salvage title.
(c) When the owner of a vehicle described in subsection (a)
retains possession of the vehicle:
(1) the person who possesses the certificate of title shall
surrender the certificate of title to the insurance company
described in subdivision (2);
(2) the insurance company that completes an agreed
settlement for the vehicle shall:
(A) obtain the certificate of title; and
(B) submit to the bureau:
(i) the certificate of title;
(ii) the appropriate fee; and
(iii) a request for a certificate of salvage title on a form
prescribed by the bureau; and
(3) after the bureau has received the items set forth in
subdivision (2)(B), the bureau shall issue a certificate of
salvage title to the owner.
(c) (d) When a self-insured entity is the owner of a salvage motor
vehicle, motorcycle, semitrailer, or recreational vehicle that meets at
least one (1) of the criteria set forth in section 3 of this chapter, the
self-insured entity shall apply to the bureau within thirty-one (31) days
after the date of loss for a certificate of salvage title in the name of the
self-insured entity's name.
(d) (e) Any other person acquiring a wrecked or damaged motor
vehicle, motorcycle, semitrailer, or recreational vehicle that meets at
least one (1) of the criteria set forth in section 3 of this chapter, which
acquisition is not evidenced by a certificate of salvage title, shall apply
to the bureau within thirty-one (31) days after receipt of the certificate
of title for a certificate of salvage title.
(f) A person that violates this section commits a Class D
infraction.
(b) The fee for a delinquent certificate of salvage title is ten
dollars ($10). The bureau shall collect this fee if:
(1) a purchaser or transferee fails to apply for a certificate of
salvage title or a transfer of title, by assignment, not later
than thirty-one (31) days after the salvage motor vehicle is
purchased or otherwise acquired; or
(2) the owner of a salvage motor vehicle retains possession of
the salvage motor vehicle and the owner fails to apply for a
certificate of salvage title not later than thirty-one (31) days
after the settlement of loss with the insurance company.
(1) certificate of salvage titles collected under IC 9-22-3; and
(2) license fees collected under IC 9-22-4;
shall be deposited in the motor vehicle highway account.