Iowa Code 322.27A – Wholesaler’s license
Current as of: 2023 | Check for updates
|
Other versions
1. A person shall not engage in business as a wholesaler of new motor vehicles in this state without a license as provided in this chapter.
Terms Used In Iowa Code 322.27A
- Department: means the state department of transportation. See Iowa Code 322.2
- Person: includes any individual, firm, corporation, partnership, joint adventure, or association, and the plural as well as the singular number. See Iowa Code 322.2
- property: includes personal and real property. See Iowa Code 4.1
- 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
- wholesaler: means a person, resident or nonresident, who in whole or part, sells or distributes motor vehicles to motor vehicle dealers, or who maintains distributor representatives. See Iowa Code 322.2
2. Prior to the issuance of such license, the department, at a minimum, and in addition to any other information the department deems necessary to the application, shall require proof that the applicant has financial liability coverage as defined in section 321.1, except that such coverage shall be in limits of not less than one hundred thousand dollars because of bodily injury to or death of one person in any one accident and, subject to the limit for one person, three hundred thousand dollars because of bodily injury to or death of two or more persons in any one accident, and fifty thousand dollars because of injury to or destruction of property of others in any one accident.