Iowa Code 322D.4 – Franchiser failure to comply — civil penalty
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Terms Used In Iowa Code 322D.4
- Days: means calendar days. See Iowa Code 322G.2
- Franchisee: means a person who receives farm implements, motorcycles, autocycles, all-terrain vehicles, snowmobiles, or related parts or attachments from the franchiser under a franchise and who offers and sells the farm implements, motorcycles, autocycles, all-terrain vehicles, snowmobiles, or related parts or attachments to the general public. See Iowa Code 322D.1
- Franchiser: means a person who manufactures, wholesales, or distributes farm implements, motorcycles, autocycles, all-terrain vehicles, snowmobiles, or related parts or attachments, and who enters into a franchise. See Iowa Code 322D.1
- Net price: means the price listed in the franchiser's price list in effect at the time the franchise is canceled, less any applicable trade, volume or cash discounts. See Iowa Code 322D.1
In the event that any franchiser fails to make payment to the franchisee or the franchisee’s heir or heirs as required by this chapter within sixty days after the inventory has been received by the franchiser, the franchiser is civilly liable for one hundred percent of the current net price of the inventory; transportation charges which have been paid by the franchisee; eighty-five percent of the current net price of repair parts; five percent of the current net price of repair parts to cover handling, packing and loading, if applicable; and attorney fees incurred by the franchisee or the franchisee’s heir or heirs.