SB463 Summary

• Eliminates cash deposit option and requires automotive dismantler and parts recycler licensees to deposit a surety bond of $10,000 with the Commissioner of Revenue (same as motor vehicle dealers).

• Permits the Department of Revenue, by rule, to allow a motor vehicle dealer's existing surety bond to serve in lieu of a separate bond for automotive dismantler and parts recycler licensees.

• Expands qualifications for purchasing at salvage pools or salvage disposal sales to include any firm, person, or corporation domiciled in another state or jurisdiction with a similar license.

• Eliminates certain buyer's identification card requirements, including provisions requiring applicants to be licensed automotive dismantlers and eliminating the restriction limiting licensees to three agents or employees with buyer's cards.

• Repeals Section 40-12-422 relating to salvage dealers licensed in other states and revokes all previously issued buyer identification cards, requiring reapplication and payment of fees for new cards.

• Effective date: October 1, 2015.