Iowa Code 321F.9 – Option to purchase — dealer’s license
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 321F.9
- Business: means the business of leasing motor vehicles for use by others for compensation. See Iowa Code 321F.1
- Motor vehicle: means every vehicle which is self-propelled and subject to registration under the laws of this state. See Iowa Code 321F.1
- Person: means an individual, partnership, corporation, association, or other business entity. See Iowa Code 321F.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- Vehicle: means any vehicle as defined in chapter 321. See Iowa Code 321H.2
Any person engaged in business in this state shall not enter into any agreement for the use of a motor vehicle under the terms of which that person grants to another an option to purchase the motor vehicle without first having obtained a motor vehicle dealer’s license under the provisions of chapter 322, and all sales of motor vehicles under such options shall be subject to sales or use taxes imposed under the provisions of chapter 423. Nothing contained in this section shall require such person to have a place of business as provided by section 322.6, subsection 1, paragraph “h”.