Iowa Code 321F.1 – Definitions
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When used in this chapter, unless the context requires otherwise:
1. “Business” means the business of leasing motor vehicles for use by others for compensation.
Terms Used In Iowa Code 321F.1
- Business: means the business of leasing motor vehicles for use by others for compensation. See Iowa Code 321F.1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Days: means calendar days. See Iowa Code 322G.2
- Director: means the director of the department. See Iowa Code 321I.1
- Director: means the director of transportation or the director's designee. See Iowa Code 321F.1
- Judgment: means any judgment which shall have become final. See Iowa Code 321F.1
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lease: means a written agreement providing for the leasing of a motor vehicle for a period of more than sixty days. See Iowa Code 321F.1
- Lessor: means a person who holds the title to a motor vehicle leased to a lessee under a written lease agreement or who holds the lessor's rights under the agreement. See Iowa Code 322G.2
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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
- Vehicle: means any vehicle as defined in chapter 321. See Iowa Code 321H.2
2. “Director” means the director of transportation or the director‘s designee.
3. “Evidence of financial responsibility” means:
a. A certificate of an insurance carrier certifying that the lessor under a lease is insured against liability for a judgment in the amount of fifty thousand dollars for personal injury to one individual and in an aggregate amount of one hundred thousand dollars for personal injuries to all individuals involved in a single accident, and in the amount of ten thousand dollars for property damage, resulting from any such single accident in which a motor vehicle under a lease is involved; or
b. A bond executed by a surety company authorized to do business in this state providing for the payment of judgments, against a lessor under a lease, within the limits set forth in paragraph “a” of this subsection.
4. “Judgment” means any judgment which shall have become final.
5. “Lease” means a written agreement providing for the leasing of a motor vehicle for a period of more than sixty days.
6. “Licensee” means a person licensed under the provisions of this chapter to engage in business.
7. “Motor vehicle” means every vehicle which is self-propelled and subject to registration under the laws of this state.
8. “Person” means an individual, partnership, corporation, association, or other business entity.