Bill > HB99

This bill amends New Mexico's motor vehicle laws to create a clearer process for handling nonrepairable vehicles after an insurance total loss claim. The bill establishes a new section of law that provides detailed procedures for insurance companies when they pay a total loss claim and take possession of a vehicle. Under the new provisions, if an insurance company pays a total loss claim, they must stamp the vehicle's title with "NONREPAIRABLE" and submit documentation to the Motor Vehicle Division within twenty days. The bill allows insurance companies to obtain a nonrepairable vehicle certificate or salvage certificate even if they cannot obtain the original title, by following a specific process that includes notifying vehicle owners, attempting to obtain the title through certified mail, and providing evidence of claim payment. If a vehicle owner chooses to keep a nonrepairable vehicle, they must also obtain a nonrepairable vehicle certificate from the state. Importantly, a vehicle with a nonrepairable certificate cannot be titled or registered for use on highways. The bill is designed to create a more standardized and transparent process for handling vehicles that are deemed a total loss, protecting both insurance companies and the state's motor vehicle registration system.

Budget and Finance, Transportation and Infrastructure

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=99&year=25