House File 2409 - Introduced HOUSE FILE 2409 BY COMMITTEE ON COMMERCE (SUCCESSOR TO HSB 528) A BILL FOR An Act relating to wrecked or salvage motor vehicles. 1 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 2 TLSB 5164HV (2) 87 ns/rh

H.F. 2409 Section 1. Section 321.52, subsection 4, paragraph e, Code 1 2018, is amended to read as follows: 2 e. For purposes of this subsection , “wrecked or salvage 3 vehicle” means a damaged motor vehicle subject to registration 4 for which the cost of repair exceeds fifty seventy-five percent 5 of the fair market value of the vehicle, as determined in 6 accordance with rules adopted by the department, before it the 7 vehicle became damaged. 8 EXPLANATION 9 The inclusion of this explanation does not constitute agreement with 10 the explanation’s substance by the members of the general assembly. 11 Under current law, a wrecked or salvage vehicle means 12 a damaged vehicle for which the cost of repair exceeds 50 13 percent of the fair market value of the vehicle before the 14 vehicle became damaged. This bill increases the cost of 15 repair threshold to 75 percent of the fair market value of the 16 vehicle. 17 -1- LSB 5164HV (2) 87 ns/rh 1/ 1