(a) Any owner of a salvage vehicle, including insurers who acquire ownership of the vehicle through indemnification on an insurance policy, shall, within thirty (30) days after the date of occurrence, surrender to the Secretary of the Department of Finance and Administration the existing certificate of title along with:

1. (1) A completed Declaration of Damage form prescribed by the secretary and incorporated herein which:

   1. (A) Describes the damage; and
   2. (B) Reflects the extent of the damage to the motor vehicle;
2. (2) An application for registration and issuance of a salvage vehicle title;
3. (3) Any additional documentation required by the secretary to comply with specific statutory requirements for registration and issuance of a salvage title; and
4. (4) Payment of all requisite fees and taxes for the registration and issuance of a salvage title.

(b) Effective January 1, 2008, any person other than an insurer who acquires ownership of a salvage vehicle, as defined in this part, after the time it becomes a salvage vehicle but prior to the issuance of a salvage title, may either:

1. (1) Apply for a salvage title by surrendering the certificate of title, along with all accompanying documents and fees referenced herein, within thirty (30) days following the date of acquisition of the certificate of title for issuance of a salvage title; or
2. (2) Apply for a parts-only title, if the salvage vehicle has no resale value other than as a source for parts or scrap, by surrendering the certificate of title, along with all accompanying documents and fees referenced herein, within thirty (30) days following the date of acquisition of the certificate of title for issuance of a salvage title.