This bill introduces new provisions regarding the handling of salvage vehicles in Minnesota, specifically focusing on the notice requirements for salvage vehicle auctions and the process for insurers to obtain vehicle titles when they acquire ownership through payment of damages. Under the proposed law, if an insurer does not receive the vehicle's title from the owner within 15 days after payment, they may apply for a certificate of title, salvage title, or prior salvage title. The insurer must notify the owner and any lienholders at least 15 days before applying, and the application must confirm that the insurer has paid the claim, requested the title, and provided the necessary notice.

Additionally, the bill outlines the responsibilities of auction companies when handling salvage vehicles. If an insurance company directs an auction company to take possession of a salvage vehicle but does not take ownership, the auction company may release the vehicle to the owner or lienholder upon receiving proper notice. 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. In such cases, the auction company can request a new title free of liens from the department, ensuring a streamlined process for managing abandoned salvage vehicles.