HF3296 Summary

• Creates new definition of "recovered intact vehicle" for stolen vehicles recovered with damage not exceeding 80 percent of pre-theft value, excluding them from salvage vehicle classification.

• Clarifies salvage vehicle definition to require either an insurance company total loss declaration/payment or repair costs exceeding 80 percent of vehicle value, and excludes recovered intact vehicles from this category.

• Establishes requirements for insurers acquiring vehicle ownership to apply for salvage or prior salvage title brands within ten days, with different branding based on whether vehicles are late-model/high-value or not.

• Adds disclosure requirements for motor vehicle dealers to provide written and oral notice of prior damage exceeding 80 percent of actual cash value, flood damage, and existing title brands when offering vehicles for sale.

• Effective January 1, 2023; repeals prior definitions of "salvage title" and application provisions for damage disclosure and title branding.