MN SF1734

Removes the six-year age requirement for "high-value vehicle" classification, instead defining it solely by actual cash value exceeding $5,000 before damage or gross vehicle weight rating over 26,000 pounds.

Redefines "late-model vehicle" by manufacturer's designated model year rather than manufacturing date, specifying vehicles with model year equal to or greater than the fifth calendar year preceding the current calendar year.

Extends the timeline for insurers to notify the Department of Motor Vehicles of acquiring damaged late-model or high-value vehicles from 48 hours to ten days after obtaining the title.

Increases the damage threshold for salvage title requirements and damage disclosure from 70 percent to 80 percent of actual cash value for late-model or high-value vehicles.

Removes the exclusion of airbag and safety restraint replacement costs from damage calculations when determining whether disclosure requirements apply.

Limits damage disclosure requirements to late-model vehicles only, eliminating the previous six-year age-based exemption for older vehicles.