Relating to wrecked or salvage vehicles with cosmetic damage

Under current law, a “wrecked or salvage vehicle” is a damaged motor vehicle subject to registration for which the cost of repair exceeds percent of the fair market value of the vehicle. When a vehicle rebuilder or a person engaged in the business of buying, selling, or exchanging vehicles acquires a wrecked or salvage vehicle with a fair market value of $500 or more, the person is required to apply for a salvage certificate of title. This includes an educational institution; a licensed new motor vehicle dealer; a person engaged in the business of purchasing bodies, parts of bodies, frames, or component parts of vehicles for sale as scrap metal; a salvage pool; a licensed authorized vehicle recycler; or an insurer. When a wrecked or salvage vehicle has been repaired, the owner may apply for a regular certificate of title by paying the appropriate fees and surrendering the salvage certificate of title and a properly executed salvage theft examination certificate. This bill authorizes an owner of a wrecked or salvage vehicle to apply for and be issued a regular certificate of title without repairing cosmetic damage. The bill exempts a motor vehicle that is considered wrecked or salvage solely due to cosmetic damage from the salvage theft examination otherwise required, and the owner of such vehicle is not required to submit a salvage theft examination certificate when applying for a regular certificate of title. The bill defines “cosmetic damage” as the term is used in the bill.