1. Notwithstanding other provisions of this chapter, the owner of a commercial vehicle subject to the proportional registration provisions of chapter 326, may make application to the department for a certificate of title. The application for certificate of title shall be made within fifteen days of purchase or transfer and accompanied by a ten dollar title fee and appropriate use tax.
2. A commercial vehicle issued a certificate of title under this section shall not be subject to registration fees until the commercial vehicle is driven or moved upon the highways. The registration fee due shall be prorated for the remaining unexpired months of the registration year. Ownership of the commercial vehicle shall not be transferred until registration fees have been paid to the department.
3. This section shall apply to owners with fleets of more than fifty commercial vehicles based in Iowa under the proportional registration provisions of chapter 326. The original certificate of title shall be delivered to the owner if no security interest or encumbrance appears on the certificate; otherwise, the certificate of title shall be delivered by the department to the person holding the first security interest or encumbrance as shown on the certificate of title.
95 Acts, ch 118, §6; 96 Acts, ch 1089, § 1; 96 Acts, ch 1152, § 2
Referred to in § 321.52A, 331.557
Surcharge imposed, § 321.52A
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