|Date Requested:January 30, 2012
Time Requested:02:43 PM
| FUND(S) |
Sources of Revenue
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
The purpose of this bill is to raise the maximum value amount of an abandoned motor vehicle from $2,500 to $7,500 before someone hired by an enforcement agency may sell that vehicle at a private sale or auction. The bill also requires an additional $10 fee be paid to the Division of Motor Vehicles for titling an abandoned vehicle.
The Division of Motor Vehicles estimates currently there are approximately 400 abandoned vehicle titles issued each year. It is estimated that current legislation would increase the number of abandoned vehicles by 25% to 500 yearly.
Based on the above figures, it is estimated an additional $5,000 would be generated by this bill annually.
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||0||0|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||5,000||5,000||5,000|
3. Explanation of above estimates (including long-range effect):
Abandoned Vehicle Fee - $ 10
Abandoned Titles Issued
Each Year 500
Revenue from Abandoned
Vehicle Fee Annually $5,000