Sec. 501.1002. OWNER-RETAINED VEHICLES. (a) If an insurance company pays a claim on a nonrepairable motor vehicle or salvage motor vehicle and the insurance company does not acquire ownership of the motor vehicle, the insurance company shall: (1) submit to the department, before the 31st day after the date of the payment of the claim, on the form prescribed by the department, a report stating that the insurance company: (A) has paid a claim on the motor vehicle; and (B) has not acquired ownership of the motor vehicle; and (2) provide notice to the owner of the motor vehicle of: (A) the report required under Subdivision (1); and (B) the requirements for operation or transfer of ownership of the motor vehicle under Subsection (b). (b) The owner of a salvage or nonrepairable motor vehicle may not transfer ownership of the motor vehicle by sale or otherwise unless the department has issued a salvage vehicle title, salvage record of title, nonrepairable vehicle title, or nonrepairable record of title for the motor vehicle or a comparable ownership document has been issued by another state or jurisdiction for the motor vehicle in the name of the owner. Redesignated and amended from Transportation Code, Section 501.093 by Acts 2011, 82nd Leg., R.S., Ch. 1296 (H.B. 2357 ), Sec. 45, eff. January 1, 2012.
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