The bill amends existing laws regarding the transfer of vehicle ownership to insurers under specific circumstances, particularly focusing on the reporting of vehicle destruction and total loss. It requires registered or legal owners to report the destruction of a vehicle to the department within 15 days and submit the appropriate documentation marked "DESTROYED." Additionally, insurers must report total loss vehicles within the same timeframe, with options for electronic reporting or submission of physical documents. The bill also clarifies that supporting documents for transferring ownership to an insurer after payment of damages do not require notarization and can be signed electronically.

Furthermore, the bill updates the market value threshold for vehicles, setting it at $6,790, with provisions for future adjustments based on the consumer price index. It also introduces a new provision that allows a limited power of attorney for transferring vehicle ownership to an insurer to be signed without notarization, further streamlining the process. Overall, these changes aim to simplify the procedures for vehicle ownership transfer in the context of insurance claims while ensuring compliance with reporting requirements.

Statutes affected:
Original bill: 46.12.600, 11.125.050