This bill amends Section 1111 of Title 47 of the Oklahoma Statutes, which pertains to motor vehicle insurance and salvage titles. Key changes include increasing the percentage of damage required for a vehicle to be classified as a total loss from sixty percent (60%) to seventy percent (70%) of its fair market value. The bill also updates statutory language and references, such as changing "Auto" to "Automobile" in the definition of fair market value and revising the paragraph number for vehicle definitions. Additionally, it mandates that Service Oklahoma preserve vehicle identification numbers (VINs) electronically for at least five years and outlines the procedures for issuing salvage and rebuilt titles.

The bill establishes new requirements for insurance companies and title holders regarding the notification and surrender of titles for vehicles deemed total losses or flood-damaged. It specifies that any insurance company paying a claim for a vehicle with repair costs exceeding seventy percent (70%) of its market value must notify the title holder and Service Oklahoma. The bill also introduces penalties for individuals who misrepresent vehicle titles, with fines and potential imprisonment for violations. The effective date for this legislation is set for November 1, 2026.

Statutes affected:
Introduced: 47-1111