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322.2 Definitions.

As used in this chapter and unless a different meaning appears from the context:

1. "At retail" means to dispose of a motor vehicle to a person who will devote it to a consumer use.

2. "Completed motor vehicle" means a motor vehicle which does not require any additional manufacturing operations to perform its intended function except the addition of readily attachable equipment, components or minor finishing operations.

3. "Department" means the state department of transportation.

4. "Distributor" or "wholesaler" means a person, resident or nonresident, who in whole or part, sells or distributes motor vehicles to motor vehicle dealers, or who maintains distributor representatives.

5. "Distributor branch" means a branch office similarly maintained by a distributor or wholesaler for the same purposes.

6. "Distributor representative" means a representative similarly employed by a distributor, distributor branch or wholesaler.

7. "Factory branch" means a branch office maintained by a person who manufactures or assembles motor vehicles, for the sale of motor vehicles to distributors, or for the sale of motor vehicles to motor vehicle dealers or for directing or supervising in whole or part, its representatives.

8. "Factory representative" means a representative employed by a person who manufactures or assembles motor vehicles or by a factory branch, for the purpose of making or promoting the sale of its motor vehicles, or for supervising or contacting its dealers or prospective dealers.

9. The "holder" of a retail installment contract means the retail seller of the motor vehicle under or subject to the contract or, if the contract is purchased by a sales finance company or other assignee, the sales finance company or other assignee.

10. "Manufacturer" means any person engaged in the business of fabricating or assembling motor vehicles. It does not include a person who converts, modifies, or alters a completed motor vehicle manufactured by another person. It includes a person who uses a completed motor vehicle manufactured by another person to construct a class "B" motor home as defined in section 321.124.

11. "Motor vehicle" means any self-propelled vehicle subject to registration under chapter 321.

12. "Person" includes any individual, firm, corporation, copartnership, joint adventure, or association, and the plural as well as the singular number.

13. "Place of business" means a designated location wherein proper and adequate facilities shall be maintained for displaying, reconditioning, and repairing either new or used cars.

14. "Retail buyer" or "buyer" means a person who buys a motor vehicle from a retail seller.

15. "Retail installment contract" or "contract" means an agreement, entered into in this state, pursuant to which the title to, the property in or a lien upon the motor vehicle, which is the subject matter of a retail installment transaction, is retained or taken by a retail seller from a retail buyer as security, in whole or in part, for the buyer's obligation. The term includes a chattel mortgage, a conditional sales contract and a contract for the bailment or leasing of a motor vehicle by which the bailee or lessee contracts to pay as compensation for its use a sum substantially equivalent to or in excess of its value and by which it is agreed that the bailee or lessee is bound to become, or has the option of becoming, the owner of the motor vehicle upon full compliance with the provisions of the contract.

16. "Retail installment transaction" means any sale evidenced by a retail installment contract between a retail buyer and a retail seller wherein the retail buyer buys a motor vehicle from a retail seller at a time price payable in one or more installments.

17. "Retail seller" or "seller" means a person who sells a motor vehicle to a retail buyer.

18. "Sales finance company" means a person engaged, in whole or in part, in the business of purchasing retail installment contracts from one or more retail sellers. The term also includes a retail seller engaged, in whole or in part, in the business of creating and holding retail installment contracts. The term does not include the pledgee of an aggregate number of such contracts to secure a bona fide loan thereon.

19. "Selling" includes bartering, exchanging, or otherwise dealing in.

20. "Used motor vehicle" or "second-hand motor vehicle" means any motor vehicle of a type subject to registration under the laws of this state which has been sold "at retail" as defined in this chapter and previously registered in this or any other state.

Nothing contained herein shall be construed to require the licensing or to apply to any bank, credit union or trust company in Iowa.

Section History: Early form

[C39, § 5039.02; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 322.2]

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Last update: Mon Jan 27 16:05:08 CST 1997
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