Sec. 501.1001. SALVAGE MOTOR VEHICLES OR NONREPAIRABLE MOTOR VEHICLES FOR INSURANCE COMPANIES OR SELF-INSURED PERSONS.
(a) Except as provided by Section 501.0925, an insurance company that is licensed to conduct business in this state and that acquires, through payment of a claim, ownership or possession of a salvage motor vehicle or nonrepairable motor vehicle shall surrender the properly assigned evidence of ownership and apply for the appropriate title under Section 501.097.
(b) For a salvage motor vehicle, the insurance company shall apply for a salvage vehicle title or salvage record of title. For a nonrepairable motor vehicle, the insurance company shall apply for a nonrepairable vehicle title or nonrepairable record of title.
(c) An insurance company or other person who acquires ownership of a motor vehicle other than a nonrepairable or salvage motor vehicle may voluntarily and on proper application obtain a salvage vehicle title, salvage record of title, nonrepairable vehicle title, or nonrepairable record of title for the vehicle.
(d) This subsection applies only to a motor vehicle in this state that is a self-insured motor vehicle and that is damaged to the extent it becomes a nonrepairable or salvage motor vehicle. The owner of a motor vehicle to which this subsection applies shall submit to the department before the 31st business day after the date of the damage, in a manner prescribed by the department, a statement that the motor vehicle was self-insured and damaged. When the owner submits a report, the owner shall surrender the ownership document and apply for a nonrepairable vehicle title, nonrepairable record of title, salvage vehicle title, or salvage record of title.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 1136 (H.B. 1422), Sec. 1, eff. September 1, 2011.
Redesignated from Transportation Code, Section 501.092 by Acts 2011, 82nd Leg., R.S., Ch. 1296 (H.B. 2357), Sec. 44, eff. January 1, 2012.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 1296 (H.B. 2357), Sec. 44, eff. January 1, 2012.
Acts 2013, 83rd Leg., R.S., Ch. 161 (S.B. 1093), Sec. 20.008, eff. September 1, 2013.
Acts 2017, 85th Leg., R.S., Ch. 969 (S.B. 2076), Sec. 19, eff. September 1, 2017.
