MN SF2224

Removes "late-model or high-value" vehicle classification requirement, making salvage certificate of title requirements apply to all vehicle classes meeting specified damage thresholds.

Requires insurers to immediately apply for salvage certificate of title or stamp existing title when acquiring vehicle ownership through damage payment, and notify the department within ten days.

Requires salvage certificate of title for vehicles with out-of-state titles acquired by insurers, vehicles where repair costs exceed damaged value, or vehicles with out-of-state salvage certificates.

Requires self-insured vehicle owners to apply for salvage certificate of title when damage exceeds 80 percent of actual cash value, and requires owners retaining ownership after total loss settlement to immediately apply.

Appropriates $441,000 in fiscal year 2021 for two additional vehicle inspection sites with equipment and staff, with base appropriation of $395,000 for each of fiscal years 2022 and 2023; effective January 1, 2022.