Senate
File
2325
-
Enrolled
Senate
File
2325
AN
ACT
RELATING
TO
THE
NOTATION
OF
DISCHARGES
OF
MOTOR
VEHICLE
SECURITY
INTERESTS.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
321.50,
subsection
5,
paragraph
a,
Code
2018,
is
amended
to
read
as
follows:
a.
When
a
security
interest
is
discharged,
the
holder
shall
note
a
cancellation
of
the
security
interest
on
the
face
of
the
certificate
of
title
over
the
holder’s
signature
and
or
may
note
the
cancellation
of
the
security
interest
on
a
separate,
notarized
release
form
or
letter.
The
holder
shall
deliver
the
certificate
of
title
and
the
form
or
letter,
if
applicable,
to
the
county
treasurer
where
the
title
was
issued.
In
the
case
of
a
security
interest
that
has
been
delivered
by
electronic
means,
the
holder
shall
notify
the
department
or
the
county
treasurer,
in
a
manner
prescribed
by
the
department,
of
the
release
of
the
security
interest.
The
county
treasurer
shall
immediately
note
the
cancellation
of
the
security
interest
on
the
face
of
the
certificate
of
title,
if
applicable,
and
in
the
county
records
system.
The
county
treasurer
shall
on
the
same
day
deliver
the
certificate
of
title,
if
applicable,
and
the
separate,
notarized
release
form
or
letter,
if
applicable,
to
the
then
first
secured
party
or,
if
there
is
no
such
person,
to
the
person
as
directed
by
the
owner,
in
writing,
on
a
form
prescribed
by
the
department
or,
if
there
is
no
person
designated,
then
to
the
owner.
The
cancellation
of
Senate
File
2325,
p.
2
the
security
interest
shall
be
noted
on
the
certificate
of
title
by
the
county
treasurer
without
charge.
The
holder
of
a
security
interest
discharged
by
payment
who
fails
to
release
the
security
interest
within
fifteen
days
after
being
requested
in
writing
to
do
so
shall
forfeit
to
the
person
making
the
payment
the
sum
of
twenty-five
dollars.
______________________________
CHARLES
SCHNEIDER
President
of
the
Senate
______________________________
LINDA
UPMEYER
Speaker
of
the
House
I
hereby
certify
that
this
bill
originated
in
the
Senate
and
is
known
as
Senate
File
2325,
Eighty-seventh
General
Assembly.
______________________________
W.
CHARLES
SMITHSON
Secretary
of
the
Senate
Approved
_______________,
2018
______________________________
KIM
REYNOLDS
Governor