Sec. 501.1001. SALVAGE MOTOR VEHICLES OR NONREPAIRABLE MOTOR VEHICLES FOR INSURANCE COMPANIES OR SELF-INSURED PERSONS.
Text of subsection as amended by Acts 2011, 82nd Leg., R.S., Ch. 1136 (H.B. 1422), Sec. 1
(a) Except as provided by Section 501.0925, an insurance company that is licensed to conduct business in this state and that acquires, through payment of a claim, ownership or possession of a salvage motor vehicle or nonrepairable motor vehicle covered by a certificate of title issued by this state or a manufacturer's certificate of origin shall surrender a properly assigned title or manufacturer's certificate of origin to the department, on a form prescribed by the department.
Text of subsection as amended by Acts 2011, 82nd Leg., R.S., Ch. 1296 (H.B. 2357), Sec. 44
(a) An insurance company that is licensed to conduct business in this state and that acquires, through payment of a claim, ownership or possession of a salvage motor vehicle or nonrepairable motor vehicle covered by a title issued by this state or a manufacturer's certificate of origin shall surrender a properly assigned title or manufacturer's certificate of origin to the department, in a manner prescribed by the department, except that not earlier than the 31st day after the date of payment of the claim the insurance company may surrender a title, in a manner prescribed by the department, and receive a salvage vehicle title or a nonrepairable vehicle title without obtaining a properly assigned title if the insurance company:
(1) has obtained the release of all liens on the motor vehicle;
(2) is unable to locate one or more owners of the motor vehicle; and
(3) has provided notice to the last known address in the department's records to each owner that has not been located:
(A) by registered or certified mail, return receipt requested; or
(B) if a notice sent under Paragraph (A) is returned unclaimed, by publication in a newspaper of general circulation in the area where the unclaimed mail notice was sent.
(b) For a salvage motor vehicle, the insurance company shall apply for a salvage vehicle title or salvage record of title. For a nonrepairable motor vehicle, the insurance company shall apply for a nonrepairable vehicle title or nonrepairable record of title.
(c) An insurance company or other person who acquires ownership of a motor vehicle other than a nonrepairable or salvage motor vehicle may voluntarily and on proper application obtain a salvage vehicle title, salvage record of title, nonrepairable vehicle title, or nonrepairable record of title for the vehicle.
(d) This subsection applies only to a motor vehicle in this state that is a self-insured motor vehicle and that is damaged to the extent it becomes a nonrepairable or salvage motor vehicle. The owner of a motor vehicle to which this subsection applies shall submit to the department before the 31st business day after the date of the damage, in a manner prescribed by the department, a statement that the motor vehicle was self-insured and damaged. When the owner submits a report, the owner shall surrender the ownership document and apply for a nonrepairable vehicle title, nonrepairable record of title, salvage vehicle title, or salvage record of title.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 1136 (H.B. 1422), Sec. 1, eff. September 1, 2011.
Redesignated from Transportation Code, Section 501.092 by Acts 2011, 82nd Leg., R.S., Ch. 1296 (H.B. 2357), Sec. 44, eff. January 1, 2012.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 1296 (H.B. 2357), Sec. 44, eff. January 1, 2012.
Acts 2013, 83rd Leg., R.S., Ch. 161 (S.B. 1093), Sec. 20.008, eff. September 1, 2013.
Section: Previous 501.09113 501.0925 501.0935 501.095 501.097 501.099 501.100 501.1001 501.1002 501.1003 501.104 501.107 501.108 501.109 501.110 NextLast modified: September 28, 2016