§ 429. Junk and salvage vehicles. 1. Requirements upon acquisition of\njunk or salvage vehicles. (a) By an insurance company. Whenever an\ninsurance company acquires a motor vehicle in settlement of a claim for\ndamage thereto or theft thereof, such company shall deliver a statement\nconcerning such acquisition to the commissioner as provided in this\nsection. Such company shall deliver the certificate of title or any\nother ownership documents relating to such motor vehicle properly\nexecuted to transfer title from the insured to the company and notices\nof release of security interest from any lienholder whose lien has been\nsatisfied to the commissioner with the required statement of\nacquisition.\n (b) By a vehicle dismantler. Whenever a person who is engaged in a\nbusiness requiring him to be registered as a vehicle dismantler or an\nitinerant vehicle collector acquires a motor vehicle which has been sold\nor otherwise disposed of as junk or for salvage, such person shall\ndeliver a statement concerning such acquisition to the commissioner as\nprovided in this section. Such person shall deliver the certificate of\ntitle or any other ownership documents relating to such motor vehicle\nproperly executed to transfer title by the transferor to the vehicle\ndismantler or itinerant vehicle collector and notices of release of\nsecurity interest from any lienholder whose lien has been satisfied to\nthe commissioner with the required statement of acquisition. However,\nthe provisions of this subdivision shall not apply to a vehicle which\nhas been transferred to a vehicle dismantler registered under section\nfour hundred fifteen-a of this chapter by means of a document issued\npursuant to this section. The commissioner may, by regulation, allow the\nrequirements of this subdivision with respect to the delivery of\ndocuments to be satisfied by an electronic filing of the necessary\ninformation by or on behalf of the person to whom such requirements\napply.\n (c) By other persons. Whenever a person other than a person described\nin paragraph (a) or (b) of this subdivision acquires ownership of a\nmotor vehicle which has been sold or otherwise disposed of as junk or\nsalvage or which is to be dismantled for use other than as a motor\nvehicle, such person shall deliver a statement concerning such\nacquisition to the commissioner as provided in this section. Such person\nshall deliver the certificate of title and any other ownership documents\nrelating to such motor vehicle properly executed to transfer title by\nthe transferor to such person and notices of release of security\ninterest from any lienholder whose lien has been satisfied to the\ncommissioner with the required statement of acquisition. However, the\nprovisions of this subdivision shall not apply to a vehicle which has\nbeen transferred to any such person by means of a document issued\npursuant to this section or to a scrap processor by a person registered\nor certified pursuant to section four hundred fifteen-a of this chapter.\n (d) A statement of acquisition and all documents required to be\nsubmitted to the commissioner pursuant to this section or regulations\npromulgated thereunder must be so submitted within the time specified by\nregulation of the commissioner. Any person who, knowingly and willfully,\nand with intent to defraud a subsequent purchaser as to the applicable\nstatus of a motor vehicle, makes any false statement on an application\nfor title or duplicate title for a motor vehicle pursuant to this\nsection or fails to submit the statement of acquisition and supporting\ndocumentation to the commissioner within the time specified by\nregulation shall be subject to a civil penalty of up to two thousand\ndollars for each offense found to have been committed. Such penalty may\nonly be imposed if such person has had the opportunity to be heard\nbefore an officer or employee of the department designated for such\npurpose by the commissioner, upon any charge o
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