CO HB1293

Adds a "total loss" brand to Colorado motor vehicle titles when an insurer determines repair costs exceed the vehicle's fair market value or designates a vehicle as a total loss due to damage.

Requires insurers to submit a statement to the Department of Revenue notifying it when a total loss determination is made, regardless of whether vehicle ownership transfers to the insurer, remains with the owner, or goes to a third party.

Directs the Department of Revenue to issue a new title branded "INSURANCE LOSS" and notify the vehicle owner and lienholders upon receiving an insurer's statement, unless the vehicle qualifies as salvage.

Exempts collector's items and street-rod vehicles from the branding requirements.

Appropriates $97,142 to the Department of Revenue for the 2016-17 fiscal year to implement the act, including staffing, postage, and information technology services; takes effect August 10, 2016, subject to referendum petition.