HB2671 amends the Illinois Vehicle Code to define when a vehicle is considered salvage and outlines procedures for salvage certificates.
HB2671 amends the Illinois Vehicle Code to establish criteria for when a vehicle is considered salvage. A vehicle is considered salvage if it has sustained damage by collision, fire, theft, rust, corrosion, or other means, and the cost of repairing the damage exceeds 70% of its fair market value without that damage. The bill also specifies that if the registered owner of a vehicle nine model years or older does not agree to retain the vehicle, the insurance company must take possession of it. The insurance company must then apply for a salvage certificate from the Secretary of State.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.