This bill introduces new provisions regarding the handling of salvage vehicles in Minnesota, specifically focusing on the processes insurers must follow when acquiring vehicle titles after paying damages. It establishes that if an insurer does not receive the vehicle's title from the owner within 15 days of payment, they may apply for a certificate of title from the commissioner, provided they notify the owner and any lienholders at least 15 days prior to the application. The insurer must attest to having paid the claim, requested the title, and provided the necessary notice. If these conditions are met, the commissioner will issue a title that extinguishes any existing liens against the vehicle.

Additionally, the bill outlines the responsibilities of insurance companies and auction companies regarding salvage vehicles. If an insurance company requests an auction company to take possession of a salvage vehicle but does not take ownership, it can direct the auction company to release the vehicle to the owner or lienholder. The auction company must notify the owner and lienholders about the vehicle's availability for recovery, and if the vehicle is not recovered within 30 days, it is deemed abandoned. The auction company can then request a lien-free title from the commissioner, ensuring a streamlined process for handling abandoned salvage vehicles.