February 4, 2005





SENATE BILL No. 264

_____


DIGEST OF SB 264 (Updated February 3, 2005 12:20 pm - DI 110)



Citations Affected: IC 9-22.

Synopsis: Certificate of salvage title. Specifies that certain requirements for a certificate of salvage title apply to motor vehicles. Specifies factors that must be included and excluded from a calculation of repair costs for purposes of issuance of a certificate of salvage title for certain motor vehicles.

Effective: July 1, 2005.





Alting




    January 6, 2005, read first time and referred to Committee on Commerce and Transportation.
    February 3, 2005, amended, reported favorably _ Do Pass.






February 4, 2005

First Regular Session 114th General Assembly (2005)


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 2004 Regular Session of the General Assembly.

SENATE BILL No. 264



    A BILL FOR AN ACT to amend the Indiana Code concerning insurance.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 9-22-3-3; (05)SB0264.1.1. -->     SECTION 1. IC 9-22-3-3 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 3. (a) A certificate of salvage title is required for a motor vehicle, motorcycle, semitrailer, or recreational vehicle that meets any of the following criteria:
        (1) An insurance company has determined that it is economically impractical the cost to repair the wrecked or damaged motor vehicle, motorcycle, semitrailer, or recreational vehicle exceeds seventy percent (70%) of the fair market value of the vehicle immediately before the wreck or damage occurred 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) When determining the cost to repair a motor vehicle, motorcycle, semitrailer, or recreational vehicle under subsection (a)(1) or (a)(2), the calculation of the cost must:
        (1) include the cost of parts and labor; and
        (2) exclude the cost of repair, replacement, or reinstallation of:
            (A) an air bag restraint system;
            (B) tires;
            (C) sound systems; and
            (D) sales tax on parts and materials required to repair the vehicle.

    (b) (c) For the purposes of this section, the bureau shall, upon request, determine the fair market value of a wrecked or damaged motor 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.
    (c) (d) An insurance company must or an owner described in subsection (a)(2) shall apply for a salvage title for any a 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) or (a)(2).