SB 2434 Summary

• Authorizes county directors of finance to issue certificates of ownership and salvage certificates for abandoned vehicles under specified circumstances.

• Allows insurance companies to obtain certificates of ownership or salvage certificates if the vehicle owner fails to provide an endorsed certificate within 30 days after claim payment.

• Requires insurance companies to prove claim payment, send notice to the vehicle owner by certified mail or commercial service, and document receipt or non-delivery before obtaining title.

• Permits licensed dealers holding vehicles for auction to request certificates of ownership or salvage certificates if owners fail to retrieve the vehicle after two notices sent via certified mail; extinguishes all existing liens upon issuance.

• Takes effect July 1, 2050.