Bill Text: IA SSB1021 | 2013-2014 | 85th General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: A study bill for an act relating to the filing of a certificate of deposit by the owner of a motor vehicle as proof of financial responsibility.
Spectrum: Unknown
Status: (N/A - Dead) 2013-01-30 - Voted - Transportation. [SSB1021 Detail]
Download: Iowa-2013-SSB1021-Introduced.html
Bill Title: A study bill for an act relating to the filing of a certificate of deposit by the owner of a motor vehicle as proof of financial responsibility.
Spectrum: Unknown
Status: (N/A - Dead) 2013-01-30 - Voted - Transportation. [SSB1021 Detail]
Download: Iowa-2013-SSB1021-Introduced.html
Senate
Study
Bill
1021
-
Introduced
SENATE/HOUSE
FILE
_____
BY
(PROPOSED
TREASURER
OF
STATE
BILL)
A
BILL
FOR
An
Act
relating
to
the
filing
of
a
certificate
of
deposit
1
by
the
owner
of
a
motor
vehicle
as
proof
of
financial
2
responsibility.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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Section
1.
Section
321.1,
subsection
24B,
paragraph
c,
Code
1
2013,
is
amended
to
read
as
follows:
2
c.
A
valid
statement
issued
by
the
treasurer
of
state
3
pursuant
to
certificate
of
deposit
filed
with
the
department
4
as
provided
in
section
321A.25
attesting
to
the
filing
of
a
5
certificate
of
deposit
with
the
treasurer
of
state
.
6
Sec.
2.
Section
321A.18,
subsection
3,
Code
2013,
is
amended
7
to
read
as
follows:
8
3.
A
statement
issued
by
the
treasurer
of
state
attesting
to
9
the
filing
of
a
certificate
of
deposit
with
the
treasurer
of
10
state
as
provided
in
section
321A.25
.
11
Sec.
3.
Section
321A.25,
Code
2013,
is
amended
to
read
as
12
follows:
13
321A.25
Certificate
of
deposit
as
proof.
14
1.
Proof
of
financial
responsibility
may
be
evidenced
15
by
the
statement
of
the
treasurer
of
state
that
the
person
16
named
in
the
statement
has
filed
filing
with
the
treasurer
17
of
state
department
fifty-five
thousand
dollars
in
the
form
18
of
an
endorsed
a
certificate
of
deposit
made
payable
jointly
19
to
the
person
and
the
treasurer
of
state
department
.
The
20
certificate
of
deposit
shall
be
obtained
from
an
Iowa
financial
21
institution
in
the
amount
of
fifty-five
thousand
dollars
plus
22
any
early
withdrawal
penalty
fee.
The
treasurer
of
state
23
shall
promptly
notify
the
director
of
transportation
of
the
24
name
and
address
of
the
person
to
whom
the
statement
has
been
25
issued.
Upon
receipt
of
the
notification
certificate
of
26
deposit
,
the
director
of
transportation
department
shall
issue
27
to
the
person
a
security
insurance
card
for
each
motor
vehicle
28
registered
in
this
state
by
the
person.
The
security
insurance
29
card
shall
state
the
name
and
address
of
the
person
and
the
30
registration
number
of
the
motor
vehicle
for
which
the
card
is
31
issued.
The
treasurer
of
state
shall
not
accept
a
certificate
32
of
deposit
and
issue
a
statement
for
it
and
the
department
33
shall
not
accept
the
statement
a
certificate
of
deposit
unless
34
accompanied
by
evidence
that
there
are
no
unsatisfied
judgments
35
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of
any
character
against
the
person
in
the
county
where
the
1
person
resides.
2
2.
Such
certificate
of
deposit
shall
be
held
by
the
3
treasurer
of
state
department
to
satisfy,
in
accordance
with
4
this
chapter
,
any
execution
on
a
judgment
issued
against
5
the
person
filing
the
certificate
of
deposit,
for
damages,
6
including
damages
for
care
and
loss
of
services,
because
of
7
bodily
injury
to
or
death
of
any
person,
or
for
damages
because
8
of
injury
to
or
destruction
of
property,
including
the
loss
of
9
use
of
property,
resulting
from
the
ownership,
maintenance,
10
use,
or
operation
of
a
motor
vehicle
after
the
certificate
of
11
deposit
was
filed.
A
certificate
of
deposit
so
filed
shall
not
12
be
subject
to
attachment
or
execution
unless
the
attachment
13
or
execution
arises
out
of
a
suit
for
damages
as
previously
14
provided
in
this
subsection
.
15
Sec.
4.
Section
321A.27,
Code
2013,
is
amended
to
read
as
16
follows:
17
321A.27
Substitution
of
proof.
18
The
department
shall
consent
to
the
cancellation
of
a
bond
19
or
certificate
of
insurance
or
the
department
shall
direct
and
20
the
treasurer
of
state
shall
return
a
certificate
of
deposit
21
to
the
person
entitled
to
the
certificate
of
deposit
upon
22
the
substitution
and
acceptance
of
other
adequate
proof
of
23
financial
responsibility
pursuant
to
this
chapter
.
24
Sec.
5.
Section
321A.29,
subsection
1,
unnumbered
paragraph
25
1,
Code
2013,
is
amended
to
read
as
follows:
26
The
department
shall
upon
request
consent
to
the
immediate
27
cancellation
of
a
bond
or
certificate
of
insurance,
or
the
28
department
shall
direct
and
the
treasurer
of
state
shall
return
29
to
the
person
entitled
thereto
a
certificate
of
deposit
filed
30
pursuant
to
this
chapter
as
proof
of
financial
responsibility,
31
or
the
department
shall
waive
the
requirement
of
filing
proof,
32
in
any
of
the
following
events:
33
Sec.
6.
Section
321A.29,
subsection
2,
Code
2013,
is
amended
34
to
read
as
follows:
35
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2.
The
department
shall
not
consent
to
the
cancellation
1
of
a
bond
or
the
return
of
a
certificate
of
deposit
in
the
2
event
an
action
for
damages
upon
a
liability
covered
by
such
3
proof
is
then
pending
or
a
judgment
upon
any
such
liability
is
4
unsatisfied,
or
in
the
event
the
person
who
has
filed
such
bond
5
or
such
certificate
of
deposit
has
within
one
year
immediately
6
preceding
such
request
been
involved
as
an
operator
or
owner
in
7
any
motor
vehicle
accident
resulting
in
injury
or
damage
to
the
8
person
or
property
of
others.
An
affidavit
of
the
applicant
as
9
to
the
nonexistence
of
such
facts,
or
that
the
applicant
has
10
been
released
from
all
of
the
applicant’s
liability,
or
has
11
been
finally
adjudicated
not
to
be
liable,
for
such
injury
or
12
damage,
shall
be
sufficient
evidence
thereof
in
the
absence
of
13
evidence
to
the
contrary
in
the
records
of
the
department.
14
EXPLANATION
15
Under
current
law,
a
person
who
is
required
to
file
proof
of
16
financial
responsibility
in
order
to
operate
a
motor
vehicle
17
may
do
so
by
filing
$55,000
with
the
treasurer
of
state
in
18
the
form
of
a
certificate
of
deposit
made
payable
jointly
to
19
the
person
and
the
treasurer
of
state.
This
bill
amends
Code
20
section
321A.25
to
provide
that
the
certificate
of
deposit
21
is
to
be
made
payable
to
the
department
of
transportation
22
and
filed
directly
with
the
department,
rather
than
with
the
23
treasurer
of
state.
The
bill
makes
conforming
amendments
24
to
the
definition
of
“financial
liability
coverage”
in
Code
25
section
321.1,
the
list
of
alternate
methods
of
filing
proof
of
26
financial
responsibility
contained
in
Code
section
321A.18,
and
27
related
provisions
in
Code
sections
321A.27
and
321A.29.
28
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