(1) Whenever any motor vehicle is abandoned and removed and sold in accordance with the procedures set forth in this part 21, the department shall transfer the certificate of title or issue a new certificate of title or shall purge such certificate of title in either of the following cases:
Upon a person's submission to the department of the necessary documents indicatingthe abandonment, removal, and subsequent sale or transfer of a motor vehicle with an appraised value of more than two hundred dollars, the department shall transfer the certificate of title or issue a new certificate of title for such abandoned motor vehicle.
Upon a person's submission of documents indicating the abandonment, removal, andsubsequent wrecking or dismantling of a motor vehicle, including all sales of abandoned motor vehicles with an appraised value of three hundred fifty dollars or less that are conducted pursuant to section 42-4-2104 (2) and all sales of abandoned motor vehicles, as defined in section 38-20116 (2.5)(b)(I), C.R.S., with a retail fair market value of three hundred fifty dollars or less that are conducted pursuant to section 38-20-116 (2.5)(d)(I), C.R.S., the department shall keep the records for one year and then purge the records for such abandoned motor vehicle; except that the department shall not be required to wait before purging the records if the purchaser is a licensed motor vehicle dealer.
Source: L. 2002: Entire part added with relocated provisions, p. 484, § 2, effective July 1. L. 2004: Entire section amended, p. 613, § 5, effective January 1, 2005. L. 2006: (1)(b) amended, p. 204, § 2, effective July 1. L. 2008: (1)(a) and (1)(b) amended, p. 546, § 5, effective January 1, 2009. L. 2009: (1)(b) amended, (HB 09-1279), ch. 170, p. 768, § 10, effective August 5.