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House Study Bill 21

Bill Text

PAG LIN
  1  1    Section 1.  Section 321.69, subsections 2 and 3, Code 2003,
  1  2 are amended to read as follows:
  1  3    2.  The damage disclosure statement required by this
  1  4 section shall, at a minimum, state the total retail dollar
  1  5 amount of all damage to the vehicle during the period of the
  1  6 transferor's ownership of the vehicle and whether the
  1  7 transferor knows if the vehicle was titled as a salvage or
  1  8 flood vehicle in this or any other state prior to the
  1  9 transferor's ownership of the vehicle.  For the purposes of
  1 10 this section, "damage" refers to damage to the vehicle caused
  1 11 by fire, vandalism, collision, weather, falling objects,
  1 12 submersion in water, or flood, where the cost of repair is
  1 13 five thousand dollars the established minimum amount or more
  1 14 per incident, but does not include normal wear and tear, glass
  1 15 damage, mechanical repairs or electrical repairs that have not
  1 16 been caused by fire, vandalism, collision, weather, falling
  1 17 objects, submersion in water, or flood.  "Damage" does not
  1 18 include the cost of repairing, replacing, or reinstalling
  1 19 tires, lights, batteries, windshields, windows, a sound
  1 20 system, or an inflatable restraint system.  A determination of
  1 21 the amount of damage to a vehicle shall be based on estimates
  1 22 of the retail cost of repairing the vehicle, including labor,
  1 23 parts, and other materials, if the vehicle has not been
  1 24 repaired or on the actual retail cost of repair, including
  1 25 labor, parts, and other materials, if the vehicle has been
  1 26 repaired.  Only individual incidents in which the retail cost
  1 27 of repairs is five thousand dollars the established minimum
  1 28 amount or more are required to be disclosed by this section.
  1 29 If the vehicle has incurred damage of five thousand dollars
  1 30 the established minimum amount or more per incident in more
  1 31 than one incident, the damage amounts must be combined and
  1 32 disclosed as the total of all separate incidents.  For
  1 33 purposes of this section, the "established minimum amount" is
  1 34 six thousand dollars.  For the 2004 calendar year and each
  1 35 calendar year thereafter, the "established minimum amount"
  2  1 shall be adjusted for inflation using the latest available
  2  2 figures for motor vehicle purchase prices published in the
  2  3 consumer price index.  The commission shall provide notice of
  2  4 the adjusted amount annually by publication in the Iowa
  2  5 administrative bulletin.
  2  6    3.  The damage disclosure statement shall be provided by
  2  7 the transferor to the transferee at or before the time of
  2  8 sale.  However, if the transferor has a salvage certificate of
  2  9 title for the vehicle, the transferor is not required to
  2 10 disclose under this section the total retail cost of repairs
  2 11 to the vehicle during the period of the transferor's ownership
  2 12 of the vehicle.  If the transferor is not a resident of this
  2 13 state the transferee shall not be required to submit a damage
  2 14 disclosure statement from the transferor with the transferee's
  2 15 application for title unless the state of the transferor's
  2 16 residence requires a damage disclosure statement.  However,
  2 17 the transferee shall submit a damage disclosure statement with
  2 18 the transferee's application for title indicating whether a
  2 19 salvage or rebuilt title had ever existed for the vehicle,
  2 20 whether the vehicle had incurred prior damage of five thousand
  2 21 dollars the established minimum amount or more per incident,
  2 22 and the year, make, and vehicle identification number of the
  2 23 motor vehicle.  The transferee shall not be required to
  2 24 indicate whether the vehicle had incurred prior damage of five
  2 25 thousand dollars the established minimum amount or more per
  2 26 incident under this subsection if the transferor's certificate
  2 27 of title is from another state and if it indicates that the
  2 28 vehicle is salvaged and not rebuilt or is another state's
  2 29 salvage certificate of title.  
  2 30                           EXPLANATION
  2 31    Current law requires a transferor of a motor vehicle to
  2 32 provide a damage disclosure statement to the transferee
  2 33 indicating the costs of repair to the vehicle if the costs due
  2 34 to a single incident of damage exceeded $5,000.  This bill
  2 35 amends that requirement by increasing the threshold amount,
  3  1 referred to as the "established minimum amount", to $6,000.
  3  2 For the 2004 calendar year and each subsequent year, the state
  3  3 transportation commission is required to publish the
  3  4 established minimum amount, as adjusted for inflation based on
  3  5 the latest available consumer price index figures for motor
  3  6 vehicle purchases, in the Iowa administrative bulletin.  
  3  7 LSB 1278YC 80
  3  8 dea/pj/5

Text: HSB00020                          Text: HSB00022
Text: HSB00000 - HSB00099               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

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