Section 1 amends the definition of “high-value vehicle” as used in connection with motor vehicle titles.  The changes: increase the minimum pre-damage value of a high-value vehicle from $5,000 to $9,000; and specify that a vehicle with a gross vehicle weight of over 26,000 pounds is high-value only if it is not a late-model vehicle.

Section 2 amends the definition of “late-model vehicle” as used in connection with motor vehicle titles.  The change bases the determination on the manufacturer’s designated model year rather than the model year of vehicle manufacture.  Under the new language, a late-model vehicle is one that was manufactured in the current calendar year or any of the preceding five calendar years.

Section 3 amends the definition of “older model vehicle” as used in connection with motor vehicle titles.  The change identifies an older model vehicle as one that is not a late-model vehicle.

Section 4 changes the length of time from 48 hours after taking possession, to ten days after obtaining title, for an insurer to notify the Department of Public Safety of having acquired ownership of a late-model or high-value vehicle.  The damage threshold is changed from 70 percent to 80 percent of the vehicle’s cash value, that triggers the requirement that a self-insured owner of a late-model or high-value vehicle must apply for a salvage certificate of title.  The section eliminates the exclusion of expenses related to airbags in calculating the amount of damage.

Section 5 applies the requirement of seller disclosure of damage only to late-model vehicles and changes the damage threshold that triggers the disclosure requirement from 70 percent to 80 percent of the vehicle’s actual cash value.  The section eliminates the exclusion of airbag-related costs when calculating damage and makes conforming changes in the disclosure form.

Section 6 makes conforming changes in language relating to damage disclosure.

BB/KB:rer