This bill proposes new regulations regarding salvage vehicles in Minnesota, specifically focusing on the processes for insurers and auction companies. It introduces a new section in the Minnesota Statutes, chapter 168A, that allows insurers to apply for a vehicle title when they acquire ownership through payment of damages, provided the vehicle's owner fails to deliver the title within 15 days. Insurers must notify the owner and any lienholders of their intent to apply for a title at least 15 days prior to the application. If the application is approved, the commissioner will issue a title that extinguishes all existing liens against the vehicle.

Additionally, the bill outlines requirements for salvage vehicle auction companies when handling vehicles subject to unpaid insurance claims. It mandates that insurance companies notify auction companies if they do not take ownership of a vehicle, allowing the auction company to release the vehicle to the owner or lienholder. The auction company must then send two notices to the owner and lienholders, informing them of the vehicle's availability for recovery. If the vehicle is not recovered within 30 days, it is deemed abandoned, and the auction company can request a lien-free title from the commissioner.