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SCS/HB 428 - Under the terms of this act, an insurer that purchases a motor vehicle through the claims adjustment process which is subject to a lien may apply for a salvage title or junking certificate without obtaining a lien release. The insurer may request a letter of guarantee from the lienholder containing a description of the motor vehicle, including the vehicle identification number, and indicating the amount payable by the insurer to the lienholder in order to release the lien. Within 10 days of receipt of the letter of guarantee, the insurer may remit payment to the lienholder. If the payment satisfies the lien, the lienholder shall provide proof of satisfaction to the insurer. The insurer may then submit copies of all letters of guarantee, proof of payment and title for the vehicle or trailer to the Department of Revenue in lieu of a lien release for processing of the application. STEPHEN WITTE
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