HB12-1098 Summary

• Defines "salvage vehicle dealer" as a motor vehicle dealer who acquires damaged or recovered stolen vehicles for resale, and "salvage vehicle pool" as an entity selling damaged vehicles on behalf of owners, insurance companies, or financial institutions.

• Prohibits salvage vehicle pools from selling salvaged motor vehicles unless the buyer is a salvage vehicle dealer, licensed person, or automotive recycler licensed under municipal ordinance.

• Requires the Department of Motor Vehicles to place a standardized stamp on salvage vehicle titles containing specific warnings about safety, insurance, and state registration restrictions, formatted in 12-point bold Arial font.

• Establishes criminal penalties of $10 to $500 fine and/or 10 days to 6 months imprisonment for selling or transferring a salvage vehicle without obtaining a proper salvage title.

• Effective July 1, 2012, applying to all offenses committed on or after that date.