A BILL TO BE ENTITLED AN ACT TO ALLOW THE DIVISION OF MOTOR VEHICLES TO ISSUE A SALVAGE CERTIFICATE OF TITLE TO AN INSURANCE COMPANY OR USED CAR DEALER IN CERTAIN SITUATIONS WHERE THE INSURANCE COMPANY OR USED CAR DEALER IS UNABLE TO OBTAIN THE ORIGINAL CERTIFICATE OF TITLE FROM THE OWNER OF THE MOTOR VEHICLE.
House committee substitute makes the following changes to the 1st edition.
Amends (b)(2), Transfer to Insurer of GS 20-109.1, Surrender of titles to salvage vehicles, providing that in cases where a salvage vehicle owner doesn't give certificate of title to the insurer within 30 days of payment of the claim and the insurer seeks to transfer title to a buyer, if the records of the DMV show there is an outstanding lien against the vehicle immediately before the payment of the claim and if the payment was made to a lienholder or to a lienholder and the owner jointly, the proof of payment must include evidence that funds were paid to the first lienholder shown in the records of the DMV. Clarifies that notice is to be sent to the address on record with the DMV.
Provides that a request to have the DMV send the used motor vehicle dealer a form to transfer the title, in cases of abandoned vehicles, must be accompanied by a copy of the notice required by GS 20-109.1(e1) and proof of delivery of the notice sent to the owner and lienholder.
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