This text of Iowa § 321.48 (Vehicles acquired for resale) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1.
a.When the transferee of a vehicle is a dealer who holds the vehicle for resale and
operates the vehicle only for purposes incident to a resale and displays a dealer plate on
the vehicle or does not drive such vehicle or permit it to be driven upon the highways, such
transferee shall not be required to obtain a new registration or a new certificate of title
but upon transferring title or interest to another person shall execute and acknowledge an
assignment and warranty of title upon the certificate of title assigned to the person and
deliver the same to the person to whom such transfer is made.
b.A dealer licensed pursuant to chapter 322 or chapter 322C who has acquired a vehicle
for resale which is subject to a security interest as provided in section 321.50 and who has
forwarded to
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1. a. When the transferee of a vehicle is a dealer who holds the vehicle for resale and
operates the vehicle only for purposes incident to a resale and displays a dealer plate on
the vehicle or does not drive such vehicle or permit it to be driven upon the highways, such
transferee shall not be required to obtain a new registration or a new certificate of title
but upon transferring title or interest to another person shall execute and acknowledge an
assignment and warranty of title upon the certificate of title assigned to the person and
deliver the same to the person to whom such transfer is made.
b. A dealer licensed pursuant to chapter 322 or chapter 322C who has acquired a vehicle
for resale which is subject to a security interest as provided in section 321.50 and who has
forwarded to the secured party the sum necessary to discharge the security interest may offer
the vehicle for sale prior to the receipt from the county treasurer of the certificate of title for
the vehicle with the lien discharged for a period of not more than thirty days from the date
the vehicle was acquired and the provisions of section 321.104, subsection 2, shall not apply.
2. A foreign registered vehicle purchased or otherwise acquired by a dealer for the
purpose of resale shall be issued a certificate of title for the vehicle by any county treasurer
upon proper application as provided in this chapter and upon payment of a fee of fifteen
dollars and the dealer is exempt from the payment of any and all registration fees for
the vehicle. The application for certificate of title shall be made within thirty days after
the vehicle comes within the border of the state. However, a dealer acquiring a vehicle
registered in another state which permits Iowa dealers to reassign that state’s certificates
of title shall not be required to obtain a new initial registration or a new certificate of title
and upon transferring title or interest to another person shall execute an assignment upon
the certificate of title for the vehicle to the person to whom the transfer is made and deliver
the assigned certificate of title to the person.
3. Notwithstanding subsections 1 and 2, requirements in those subsections for obtaining
title to a vehicle or acknowledging assignment and warranty of title do not apply to a dealer
who sells a motor vehicle to a purchaser in a consignment transaction authorized under
section 322.7B.
4. In a transaction in which a vehicle is traded to a dealer as defined in chapter 322 or
chapter 322C toward the purchase price of another vehicle and each vehicle is owned in
whole or in part by the same person, the person acquiring the vehicle from the dealer shall
be entitled to a credit under section 321.46.
5. A transferee of a new completed motor vehicle shall obtain a certificate of title for the
vehicle but is not required to pay the annual registration fee for the vehicle, provided all of
the following apply:
a. The transferee is an equipment dealer licensed as a motor vehicle dealer under chapter
322.
b. The transferee purchases the vehicle at retail for the purpose of modifying the vehicle
as provided in section 321.105A, subsection 2, paragraph “c”, subparagraph (31), prior to
selling it as a used vehicle to a business or government entity.
c. The transferee operates the vehicle only for purposes incidental to a resale.
d. The transferee displays a dealer plate on the vehicle or does not drive the vehicle or
permit it to be driven upon the highways.
6. Nothing in this section shall be construed to prohibit a dealer from obtaining a new
certificate of title or new registration in the same manner as other purchasers.