STATE ACTIVITIES:
Iowa Auto ALL STATES →
September 2017 VIEW PUBLICATION →
LEGISLATIVE ACTIONS:
- Senate File 448
This enacted legislation permits an insurer to apply for and be issued a salvage certificate of title for a motor vehicle without surrendering a properly assigned certificate of title or manufacturer’s or importer’s statement of origin if ownership of the vehicle was transferred to the insurer pursuant to a settlement with the previous owner arising from circumstances involving damage to the vehicle and at least 30 days have expired since the effective date of the settlement. The Act requires the insurer to submit an application, an affidavit, an application fee, and proof of payment pursuant to the settlement. Failure of a previous owner or lien holder to provide a properly assigned certificate of title or statement of origin shall be deemed to be a waiver by the previous owner or lien holder of all rights, title, claim, and interest in the vehicle. The Act exempts insurers using this process from prohibitions under current law against acquiring a vehicle without obtaining the vehicle’s certificate of title or statement of origin. Effective Date July 1, 2017.
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