FUND(S):

Road Fund

Sources of Revenue:

Special Fund

Legislation creates:

Neither Program nor Fund



Fiscal Note Summary


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.
    



Fiscal Note Detail


Effect of Proposal Fiscal Year
2012
Increase/Decrease
(use"-")
2013
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 0 0
Personal Services 0 0 0
Current Expenses 0 0 0
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 0 0
2. Estimated Total Revenues 5,000 5,000 5,000


Explanation of above estimates (including long-range effect):


    Revenue:
    
     Abandoned Vehicle Fee - $ 10
    
     Abandoned Titles Issued
     Each Year 500
    
     Revenue from Abandoned
     Vehicle Fee Annually $5,000
    



Memorandum


    



    Person submitting Fiscal Note: Jerry L. Conrad
    Email Address: Jerry.L.Conrad@wv.gov