(a) The enforcement agency which takes into custody and possession an abandoned motor vehicle or junked motor vehicle shall, within fifteen days after taking custody and possession thereof, notify the last-known registered owner of the motor vehicle and all lienholders of record that the motor vehicle has been taken into custody and possession, the notification to be by registered or certified mail, return receipt requested. The notice shall:

1. (1) Contain a description of the motor vehicle, including the year, make, model, manufacturer’s serial or identification number or any other number which may have been assigned to the motor vehicle by the Commissioner of Motor Vehicles and any distinguishing marks;
2. (2) Set forth the location of the facility where the motor vehicle is being held and the location where the motor vehicle was taken into custody and possession;
3. (3) Inform the owner and any lienholders of record of their right to reclaim the motor vehicle within ten days after the date notice was received by the owner or lienholders, upon payment of all towing, preservation and storage charges resulting from taking and placing the motor vehicle into custody and possession; and
4. (4) State that the failure of the owner or lienholders of record to exercise their right to reclaim the motor vehicle within the ten-day period shall be deemed a waiver by the owner and all lienholders of record of all right, title and interest in the motor vehicle and of their consent to the sale or disposal of the abandoned motor vehicle or junked motor vehicle at a public auction or to a licensed salvage yard or demolisher.

(f) A licensed motor vehicle dealer, as defined in section one, article one, chapter seventeen-a of this code, a licensed automobile auction as defined in section one, article six-c, chapter seventeen-a of this code, or a motor vehicle repair facility or a towing company registered with the Public Service Commission pursuant to section two-a, article two, chapter twenty-four-a of this code may file an application with the Division of Motor Vehicles for a certificate of title and registration for an abandoned motor vehicle or junked vehicle. Upon payment of the appropriate fees, the division shall deliver the certificate of title and registration to the applicant, if:

1. (1) The vehicle has a loan value of $9,500 or less, as ascertained by values placed upon motor vehicles using a standard industry reference book; and
2. (2) The motor vehicle is abandoned on the property or place of business of the dealer, licensed automobile auction, motor vehicle repair facility or towing company; and
3. (3) This amount will be increased every five years on September 1 of the fifth year based on the U.S. Department of Labor, Bureau of Labor Statistics most current Consumer Price Index; and

4. (4) One of the following situations applies:

   1. (A) The identity of the last registered owner of the abandoned motor vehicle cannot be determined; or
   2. (B) The certificate of registration or certificate of title contains no address of the owner; or (C) It is impossible to determine with reasonable certainty the identity and address of all lienholders after publication as set forth in subsection (b) of this section.
   3. (D) The motor vehicle is not claimed by the owner or a lienholder after notice within the time set forth in subsection (d) of this section.