Senate Bill 775 Summary

• Adds a new subchapter to Arkansas Code Title 27, Chapter 14 requiring junk yards and salvage yards to report motor vehicles acquired or purchased to the Department of Finance and Administration within two (2) business days

• Requires reports to include the yard's name, address, telephone number, National Motor Vehicle Title Information System identification number, vehicle identification number, acquisition date, seller information, and intended disposition of the vehicle

• Defines "junk vehicle" as a motor vehicle incapable of operation on public roads with no value except for parts or scrap, and "salvage vehicle" as water-damaged or damage exceeding 70% of average retail value

• Establishes a penalty of $100 per vehicle for failure to timely file required reports, with authority for the Director to abate penalties if justified and to seek injunction to stop business operations after 30-day notice and hearing opportunity

• Penalties collected are deposited into the State Central Services Fund; act becomes effective November 13, 2017