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OK HB3213
Bill
Status
5/28/2010
Primary Sponsor
Charles Ortega
Click for details
AI Summary
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Amends motor vehicle total loss settlement law to specify insurers may offer cash settlements based on comparable vehicle costs using local market prices, dealer quotations, or published guidebook values
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Requires insurers to determine comparable vehicle cost availability within the prior 90 days in the local market area when such vehicles are currently or recently available
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Prohibits insurers from offering cash settlements for comparable vehicles and then reselling the totaled vehicle back to claimants unless claimants acknowledge in writing that the vehicle will be titled as a junked vehicle
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Clarifies that certificates of title shall not be reissued for junked vehicles, with limited exceptions, and requires insurers to notify claimants about junked vehicle status
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Becomes effective November 1, 2010
Legislative Description
Insurance; relating to motor vehicle total loss settlement; requiring insurer to notify claimants if vehicles to be sold back to claimants will remain junked; certificates of title shall not be reissued for junked vehicle. Effective date.
Motor Vehicles and Transportation
Last Action
Approved by Governor 06/05/2010
5/28/2010