Senate Study Bill 1072 - IntroducedA Bill ForAn Act 1increasing the required amount for a surety bond
2necessary for the issuance of a travel trailer dealer’s
3license, and including applicability provisions.
1   Section 1.  Section 322C.4, subsection 4, Code 2019, is
2amended to read as follows:
   34.  Before the issuance of a travel trailer dealer’s
4license, the applicant shall furnish a surety bond executed
5by the applicant as principal and executed by a corporate
6surety company, licensed and qualified to do business within
7this state, which bond shall run to the state of Iowa, be in
8the amount of twenty-five seventy-five thousand dollars and
9be conditioned upon the faithful compliance by the applicant
10as a dealer with all statutes of this state regulating or
11applicable to a travel trailer dealer, and shall indemnify any
12person dealing or transacting business with the dealer from
13loss or damage caused by the failure of the dealer to comply
14with the provisions of chapter 321 and this chapter, including
15the furnishing of a proper and valid certificate of title to
16a travel trailer, and that the bond shall be filed with the
17department prior to the issuance of the license. A person
18licensed under chapter 322, with the same name and location or
19locations, is not subject to the provisions of this subsection.
20   Sec. 2.  APPLICABILITY.  This Act applies to applications for
21a travel trailer dealer’s license submitted to the department
22of transportation on or after July 1, 2019.
24The inclusion of this explanation does not constitute agreement with
25the explanation’s substance by the members of the general assembly.
   26This bill increases the required amount for a surety bond
27necessary for the issuance of a travel trailer dealer’s license
28by the department of transportation (DOT) from $25,000 to
29$75,000. The bill applies to applications for a travel trailer
30dealer’s license submitted to the DOT on or after July 1, 2019.