|SB 1262||Revises the law regarding salvage vehicles|
|LR Number:||4571S.07P||Fiscal Note:||4571-07|
|Last Action:||05/14/04 - H Calendar S Bills for Third Reading||Journal page:|
|Title:||SCS SB 1262|
|Effective Date:||August 28, 2004|
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).