HF 2409 (LSB 5164HV (2) 87)

HOUSE FILE 2409

BY  COMMITTEE ON COMMERCE

(SUCCESSOR TO HSB 528)

A BILL FOR

An Act relating to wrecked or salvage motor vehicles.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 321.52, subsection 4, paragraph e, Code 2018, is amended to read as follows:
   e.  For purposes of this subsection, “wrecked or salvage vehicle” means a damaged motor vehicle subject to registration for which the cost of repair exceeds fifty seventy-five percent of the fair market value of the vehicle, as determined in accordance with rules adopted by the department, before it the vehicle became damaged.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   Under current law, a wrecked or salvage vehicle means a damaged vehicle for which the cost of repair exceeds 50 percent of the fair market value of the vehicle before the vehicle became damaged. This bill increases the cost of repair threshold to 75 percent of the fair market value of the vehicle.