761—405.6(321) Iowa salvage title required.
	405.6(1) Wrecked or salvage vehicle. A vehicle rebuilder or a person engaged in the business of buying, selling, or exchanging vehicles of a type required to be registered in this state upon acquisition of a wrecked or salvage vehicle shall obtain an Iowa salvage title or a junking certificate for the vehicle except as provided in subrule 405.3(3).
	a. 	A wrecked or salvage vehicle is a damaged motor vehicle that:
	(1)	Has repair costs exceeding 50 percent of its fair market value before it became damaged, and
	(2)	Had a fair market value of $500 or more before it became damaged.
	b. 	Fair market value is the average retail value found in the National Automobile Dealers Association (NADA) Official Used Car Guide. If there is no value available, the vehicle and motor carrier services bureau shall determine the fair market value upon request. The address is: Vehicle and Motor Carrier Services Bureau, Iowa Department of Transportation, P.O. Box 9278, Des Moines, Iowa 50306-9278.
	405.6(2) Insurer. An insurer upon acquisition of a motor vehicle as a result of a settlement with the motor vehicle owner arising out of damage to or unrecovered theft of the motor vehicle shall obtain an Iowa salvage title for the motor vehicle.
	405.6(3) Application. Application for an Iowa salvage title shall be made within 30 days after the date of assignment to the transferee.
[ARC 5345C, IAB 12/30/20, effective 2/3/21]