Amendment ASA1-AB458

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2001 - 2002 LEGISLATURE

ASSEMBLY SUBSTITUTE AMENDMENT 1, TO 2001 ASSEMBLY BILL 458

January 8, 2002 - Offered by Representatives Stone and Ziegelbauer.

AB458-ASA1,1,3 An Act to amend 340.01 (55g); and to create 340.01 (20m) and 342.10 (3) (h) of the statutes; relating to: hail-damaged vehicles and salvage vehicles, granting rule-making authority, and making an appropriation.

AB458-ASA1, s. 1 Section 1. 340.01 (20m) of the statutes is created to read:

AB458-ASA1,1,8 340.01 (20m) "Hail-damaged vehicle" means a vehicle less than 7 years old that is not precluded from subsequent registration and titling and which is damaged solely by hail to the extent that the estimated or actual cost, whichever is greater, of repairing the vehicle exceeds 70% of its fair market value.

AB458-ASA1, s. 2 Section 2. 340.01 (55g) of the statutes is amended to read:

AB458-ASA1,2,2 340.01 (55g) "Salvage vehicle" means a vehicle less than 7 years old that is not precluded from subsequent registration and titling 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 term does not include a hail-damaged vehicle unless the vehicle is repaired with any replacement part, as defined in s. 632.38 (1) (e).

AB458-ASA1, s. 3 Section 3. 342.10 (3) (h) of the statutes is created to read:

AB458-ASA1,2,6 342.10 (3) (h) That the vehicle was a hail-damaged vehicle. This paragraph does not apply to a hail-damaged vehicle that was repaired with any replacement part, as defined in s. 632.38 (1) (e).

AB458-ASA1, s. 4 Section 4. Effective date.

AB458-ASA1,2,9 (1) This act takes effect on the first day of the 4th month beginning after publication.

AB458-ASA1,2,10 (End)