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SB1262 - Revises the law regarding salvage vehicles - Dolan
| SB 1262
| Revises the law regarding salvage vehicles
|
| Sponsor: | Dolan |
| LR Number: | 4571S.07P | Fiscal Note: | 4571-07 |
| Committee: | Transportation |
| Last Action: | 05/14/04 - H Calendar S Bills for Third Reading | Journal page: | |
| Title: | SCS SB 1262 |
| Effective Date: | August 28, 2004 |
Full Bill Text |
All Actions | Available Summaries | Senate Home Page | List of 2004 Senate Bills
Current Bill Summary
SCS/SB 1262 - This act revises the definition of "salvage
vehicle" to include any motor vehicle, semitrailer, or house
trailer which has been damaged to the extent that the total
cost of repairs to rebuild the vehicle to its condition
immediately before it was damaged exceeds 75% of the fair
market value of the vehicle prior to the damage. The total
cost of repairs to rebuild or reconstruct the vehicle shall
not include the cost or repairing, replacing, or reinstalling
inflatable safety restraints, tires, sound systems or any
sales tax for parts or materials to rebuild the vehicle
(Section 301.010). The act defines "fair market value."
Salvage titles may be negotiable with one reassignment on the
back of the title by registered dealers or insurance companies
(Section 301.217).
This act is similar to SB 1262 and HB 1284 (2004).
STEPHEN WITTE