Minnesota SF950 establishes notice requirements for salvage vehicle auctions and allows insurers to apply for vehicle titles when acquiring vehicles.

Minnesota SF950 introduces provisions for salvage vehicle auctions and title applications by insurers. The bill mandates that insurance companies notify auction companies when directing them to release vehicles to owners or lienholders. Auction companies must then send two notices to vehicle owners and lienholders, at least 14 days apart, stating the vehicle is available for recovery within 30 days. If the vehicle remains unrecovered, it is deemed abandoned, and the auction company can request a title free of liens.

Minnesota SF950 establishes notice requirements for salvage vehicle auctions and allows insurers to apply for vehicle titles when acquiring vehicles.

Minnesota SF950 introduces provisions for salvage vehicle auctions and title applications by insurers. The bill mandates that insurance companies notify auction companies when directing them to release vehicles to owners or lienholders. Auction companies must then send two notices to vehicle owners and lienholders, at least 14 days apart, stating the vehicle is available for recovery within 30 days. If the vehicle remains unrecovered, it is deemed abandoned, and the auction company can request a title free of liens.