HB16-1293
Total Loss Brand Title Motor Vehicle
Concerning the addition of a brand to designate a certificate of title to a motor vehicle that has been the subject of an insurance claim, and, in connection therewith, making an appropriation.
Session:
2016 Regular Session
Subjects:
Bill Summary
Business & Economic Development
Transportation & Motor Vehicles
Currently, a motor vehicle title is branded when certain events that negatively affect the vehicle's title occur. The bill adds a total loss brand when the motor vehicle has been:
- Found to need repairs whose cost exceeds the value of the vehicle; or
- Designated as a total loss by an insurer under the terms of its policy as a result of the vehicle being damaged.
The bill clarifies that a motor vehicle that is designated as a total loss and also qualifies as a salvage vehicle will be branded as a salvage vehicle.
When the department of revenue issues a new title with the total loss or salvage brand, it also notifies the owner and senior lienholder.
Collector's item and street rod vehicles are exempt.
$97,142 is appropriated to the department of revenue from the Colorado state titling and registration account in the highway users tax fund to implement the bill.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)