Text: HSB00581 Text: HSB00583 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 321.52, subsection 4, paragraph d, Code
1 2 2003, is amended to read as follows:
1 3 d. For purposes of this subsection a "wrecked or salvage
1 4 vehicle" means a damaged motor vehicle subject to registration
1 5 and having a gross vehicle weight rating of less than thirty
1 6 thousand pounds, or a travel trailer or fifth-wheel trailer
1 7 whose ownership has transferred to an insurer of the vehicle
1 8 as a result of a settlement with the owner of the vehicle
1 9 arising out of damage to, or unrecovered theft of, the travel
1 10 trailer or fifth-wheel travel trailer, for which the cost of
1 11 repair exceeds fifty percent of the fair market value of the
1 12 vehicle, as determined in accordance with rules adopted by the
1 13 department, before it became damaged.
1 14 EXPLANATION
1 15 This bill amends the definition of "wrecked or salvage
1 16 vehicle" to include travel trailers and fifth-wheel travel
1 17 trailers which have become the property of an insurer as a
1 18 result of a settlement with the owner due to damage or
1 19 unrecovered theft and for which the cost of repair exceeds 50
1 20 percent of the vehicle's fair market value. The change
1 21 subjects such trailers to the same titling and registration
1 22 regulation as now applies to damaged motor vehicles for which
1 23 the cost of repair exceeds 50 percent of the vehicle's fair
1 24 market value. Current law requires that a salvage vehicle be
1 25 titled as such, and if the vehicle is repaired, a salvage
1 26 theft examination is required and the new certificate of title
1 27 and registration receipt must bear a designation that the
1 28 vehicle was once a salvage vehicle.
1 29 LSB 5544HC 80
1 30 dea/pj/5
Text: HSB00581 Text: HSB00583 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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