Bill > SF950

This bill addresses two key provisions related to vehicle titles and salvage vehicles in Minnesota. First, it establishes a process for insurers to obtain a vehicle title when an owner fails to deliver the title after receiving an insurance claim payment. The insurer must provide at least 15 days' notice to the vehicle owner and any lienholders before applying for the title, and must attest to paying the claim and requesting the title from the owner. Once the title is issued, all existing liens are extinguished. Second, the bill creates a detailed procedure for handling salvage vehicles at auction, allowing insurance companies to direct auction companies to release vehicles to owners or lienholders. If the owner does not recover the vehicle within 30 days of receiving two notices, the vehicle is considered abandoned, and the auction company can request a title free of liens. This legislation aims to provide clear guidelines for title transfers in situations involving insurance claims and salvage vehicles, protecting the interests of insurers, vehicle owners, and auction companies by establishing a structured process for resolving title and ownership disputes.

Business and Industry, Transportation and Infrastructure

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0950&ssn=0&y=2025