House Bill No. 2882 amends existing laws regarding salvaged titles for motor vehicles in Oklahoma. The bill introduces several new requirements, including the filing of an affidavit by vehicle owners when applying for a rebuilt title, which must state that all repairs have been completed and include corresponding receipts. Additionally, the form of the affidavit will be prescribed by Service Oklahoma, and licensed operators are required to post a sign detailing the penalties for falsifying statements in such affidavits. The bill also mandates that licensed operators collect this affidavit and maintain it as part of the vehicle's documentation for title qualification. Furthermore, Service Oklahoma is authorized to create rules for training employees and licensed operators to ensure accurate interpretation of these regulations.

The bill also clarifies the definitions of terms related to vehicle damage and salvage, such as "total loss," "fair market value," and "resale value." It stipulates that insurance companies must notify title holders and Service Oklahoma when a claim for a vehicle exceeds a certain damage threshold, and outlines the process for issuing appropriate titles based on the vehicle's condition. The legislation includes penalties for violations, establishing fines and potential jail time for those who misrepresent vehicle titles. The effective date for these changes is set for November 1, 2025.

Statutes affected:
Introduced: 47-1111
Sub Committee OR Policy Committee Recommendations (House) Policy Committee Recommendation: 47-1111