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.
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
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Additions: Whenever a new statutory provision is being enacted (or a new constitutional
provision adopted), the text of the new provision will appear in
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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
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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).