AR HB1419

Amends the definition of "salvage vehicle" to clarify that it includes water-damaged vehicles or those with damage totaling at least $4,000 and at least 70% of average retail value as listed in the NADA Official Price Guide.

Establishes that a motor vehicle with damage of at least 120% of its average retail value is considered a "parts-only salvage vehicle" for tax purposes.

Allows salvage vehicle owners to either assign the title to a licensed person who surrenders it within 30 days or retain the vehicle if they surrender the title and obtain a salvage vehicle title.

Permits insurers and licensed persons to delegate responsibility for surrendering salvage vehicle titles or notifying the office to servicing organizations or licensed buyers of salvage vehicles.

Repeals a provision limiting salvage vehicle owner definitions and adds new language clarifying that an insurer that owns a salvage vehicle qualifies as an owner under the statute.