Bill Text: HI HB2015 | 2014 | Regular Session | Amended
Bill Title: General Excise Tax; Certificate of Ownership Fee; Insurance
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2014-02-10 - Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Belatti, Cachola, Takai excused (3). [HB2015 Detail]
Download: Hawaii-2014-HB2015-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2015 |
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TWENTY-SEVENTH LEGISLATURE, 2014 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO INSURANCE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 431:10C-312, Hawaii Revised Statutes, is amended to read as follows:
"§431:10C-312 Payment of excise tax and certificate of ownership fee. (a) When a replacement vehicle is provided under section 431:10C-310 or section 431:10C-311, the insurer shall pay the applicable general excise tax and ownership fee as follows:
(1) If a cash settlement is provided, and if within
thirty days of the receipt of the settlement by the insured[,] or
third party claimant, the insured or third party claimant has
purchased a vehicle, the insurer shall reimburse the insured or third party
claimant for the applicable general excise tax and certificate of ownership
fee incurred on account of the purchase of the vehicle, but not exceeding the
amount payable on account of the value of the total loss vehicle.
(2) If the insured or third party claimant
purchases a vehicle with a market value less than the amount of the settlement,
then the insurer shall reimburse only the amount of the applicable general
excise tax and certificate of ownership fee incurred by the insured[.] or
third party claimant.
(b) If the insured or third party claimant cannot substantiate the purchase and the payment of the taxes and fee, by submission to the insurer of appropriate documentation within thirty-three days after the receipt of settlement, the insurer shall not be required to reimburse the insured or third party claimant for the taxes or fee.
(c) In lieu of the reimbursement procedure set out in subsection (a), the insurer may directly pay the required amounts of general excise taxes and certificate of ownership fee to the insured or third party claimant at the time of settlement.
(d) Written notice of the payment procedure outlined in this section shall be communicated to the insured or third party claimant at the time of settlement, together with any form required by the insurer for applying for the reimbursement."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
Report Title:
General Excise Tax; Certificate of Ownership Fee; Insurance
Description:
Requires motor vehicle insurers to pay the general excise tax and certificate of ownership fee to third party claimants in the same manner as they are paid to an insured in a settlement that provides for a replacement vehicle. (HB2015 HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
