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House Journal: Page 1416: Tuesday, April 22, 1997

33   and the required fee.
34     2.  If a lienholder repossesses a snowmobile or
35   all-terrain vehicle by operation of law and holds it
36   for resale, the lienholder shall secure a new
37   certificate of title and shall pay the required fee.
38     Sec. 4.  NEW SECTION.  321G.32  SECURITY INTEREST
39   - PERFECTION AND TITLES - FEE.
40     1.  A security interest created in this state in a
41   snowmobile or all-terrain vehicle is not perfected
42   until the security interest is noted on the
43   certificate of title.
44     a.  To perfect the security interest, an
45   application for security interest must be presented
46   along with the original title.  The county recorder
47   shall note the security interest on the face of the
48   title and on the copy in the recorder's office.
49     b.  The application fee for a security interest is
50   ten dollars.  Five dollars of the fee shall be

Page 4

 1   credited to the special conservation fund created
 2   under section 321G.7.  The remaining five dollars
 3   shall be retained by the county and deposited into the
 4   general fund of the county.
 5     2.  The certificate of title shall be presented to
 6   the county recorder when the application for security
 7   interest or for assignment of the security interest is
 8   presented and a new or endorsed certificate of title
 9   shall be issued to the secured party with the name and
10   address of the secured party upon it.
11     3.  The secured party shall present the certificate
12   of title to the county recorder when a release
13   statement is filed and a new or endorsed certificate
14   shall be issued to the owner.
15                              DIVISION II
16                 POINT OF SALE REGISTRATION
17     Sec. 5.  Section 321G.15, Code 1997, is amended to
18   read as follows:
19     321G.15  OPERATION PENDING REGISTRATION.
20     The commission shall furnish snowmobile and all-
21   terrain vehicle dealers with pasteboard cards bearing
22   the words "registration applied for" and space for the
23   date of purchase.  An unregistered all-terrain vehicle
24   or snowmobile sold by a dealer shall bear one of these
25   cards which entitles the purchaser to operate it for
26   ten days immediately following the purchase.  The
27   purchaser of a registered all-terrain vehicle or
28   snowmobile may operate it for ten days immediately
29   following the purchase, without having completed a
30   transfer of registration.  A person who purchases an
31   all-terrain vehicle or snowmobile from a dealer shall,
32   within five days of the purchase, apply for an all-

Iowa General Assembly

Index: House Journal (77th General Assembly: Session 1)

© 1997 Cornell College and League of Women Voters of Iowa

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