CS/CS/HB 7063 - Certificates of Title Summary

• Requires the Department of Highway Safety and Motor Vehicles to stamp rebuilt vehicles and mobile homes with conspicuous language on certificates of title indicating the vehicle's rebuilt status and potential total loss history.

• Defines "late model vehicle" as a motor vehicle with a manufacturer's model year of 7 years or newer.

• Establishes criteria for declaring vehicles unrebuildable and issuing certificates of destruction: vehicles with repair costs at 80% or more of current retail value for older/lower-value vehicles, or 90% or more for late model vehicles valued at $7,500+.

• Allows certificates of destruction to be reassigned a maximum of two times before dismantling or destruction is required, and prohibits the department from issuing any certificate of title for vehicles with destruction certificates after reassignment.

• Requires the Department to submit a summary report by October 31, 2015, to state leadership with legislative recommendations regarding rebuilt vehicle title processes, roadworthiness inspections, and crash data involving rebuilt vehicles.

• Takes effect July 1, 2014.