MO HB429

Allows insurers to obtain salvage certificates of title for vehicles purchased through claims adjustment when they cannot obtain a negotiable title from the owner.

Requires insurers to make at least two written attempts to obtain the certificate of title or transfer documents and notify owners and lienholders 30 days before applying for a salvage certificate.

Directs the Department of Revenue to search its records and notify insurers of any additional owners or lienholders not previously contacted so they can be given notice of the application.

Authorizes the Department of Revenue to issue a salvage certificate of title or junking certificate to an insurer if no valid lienholders have notified the department of an existing lien within the notification period.

Applies similar procedures to property owners and real estate purchasers seeking title to abandoned vehicles found on their property, limiting insurers to salvage or junking certificates only.