LRB-2620/1
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1995 - 1996 LEGISLATURE
March 15, 1995 - Introduced by Senator Moen, cosponsored by Representatives
Vander Loop, R. Young and Boyle. Referred to Committee on Transportation,
Agriculture and Local Affairs.
SB108,1,3
1An Act to amend 340.01 (18p), 340.01 (55g) and 342.065 (1) (c) of the statutes;
2relating to: modifying the definitions of salvage vehicle and flood-damaged
3vehicle.
Analysis by the Legislative Reference Bureau
Under current law, a salvage vehicle is defined as a vehicle that may be
subsequently registered or titled and which is damaged by collision or other
occurrence to the extent that the estimated or actual cost, whichever is greater, of
repairing the vehicle exceeds 70% of its fair market value. The owner of a salvage
vehicle is required to apply for and obtain a salvage vehicle certificate of title. If the
salvage vehicle is repaired, a new certificate of title is issued for the vehicle that
permanently records that the vehicle was previously a salvage vehicle.
Under current law, the definition of flood damaged vehicle is the same as
salvage vehicle, except that the vehicle must be damaged by flood. If a new or
duplicate certificate of title is issued for a flood damaged vehicle, this information
must be permanently recorded on the certificate.
This bill changes the definition of salvage vehicle and flood damaged vehicle to
specify that these definitions only apply to vehicles having a fair market value of
more than $3,000.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB108, s. 1
4Section
1. 340.01 (18p) of the statutes is amended to read:
SB108,2,5
1340.01
(18p) "Flood damaged vehicle" means any motor vehicle
having a fair
2market value of more than $3,000 that is not precluded from subsequent registration
3or titling and which is damaged by flood to the extent that the estimated or actual
4cost, whichever is greater, of repairing the vehicle exceeds 70% of its fair market
5value.
SB108, s. 2
6Section
2. 340.01 (55g) of the statutes is amended to read:
SB108,2,117
340.01
(55g) "Salvage vehicle" means a vehicle less than 7 years old
having a
8fair market value of more than $3,000 that is not precluded from subsequent
9registration and titling and which is damaged by collision or other occurrence to the
10extent that the estimated or actual cost, whichever is greater, of repairing the vehicle
11exceeds 70% of its fair market value.
SB108, s. 3
12Section
3. 342.065 (1) (c) of the statutes is amended to read:
SB108,2,1913
342.065
(1) (c) If the interest of an owner in a vehicle
having a fair market value
14of more than $3,000 that is titled in this state is not transferred upon payment of an
15insurance claim that, including any deductible amounts, exceeds 70% of the fair
16market value of the vehicle, any insurer of the vehicle shall, within 30 days of
17payment of the insurance claim, notify the department in writing of the claim
18payment and that the vehicle meets the statutory definition of a salvage vehicle, in
19the manner and form prescribed by the department.
SB108,2,22
21(1)
This act takes effect on the first day of the 4th month beginning after
22publication.
