321A.25 Certificate of deposit as proof.
1. Proof of financial responsibility may be evidenced by filing with the department fifty-five thousand dollars in the form of a certificate of deposit made payable to the department. The certificate of deposit shall be obtained from an Iowa financial institution in the amount of fifty-five thousand dollars plus any early withdrawal penalty fee. Upon receipt of the certificate of deposit, the department shall issue to the person a security insurance card for each motor vehicle registered in this state by the person. The security insurance card shall state the name and address of the person and the registration number of the motor vehicle for which the card is issued. The department shall not accept a certificate of deposit unless accompanied by evidence that there are no unsatisfied judgments of any character against the person in the county where the person resides.
2. Such certificate of deposit shall be held by the department to satisfy, in accordance with this chapter, any execution on a judgment issued against the person filing the certificate of deposit, for damages, including damages for care and loss of services, because of bodily injury to or death of any person, or for damages because of injury to or destruction of property, including the loss of use of property, resulting from the ownership, maintenance, use, or operation of a motor vehicle after the certificate of deposit was filed. A certificate of deposit so filed shall not be subject to attachment or execution unless the attachment or execution arises out of a suit for damages as previously provided in this subsection.
[C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §321A.25]
92 Acts, ch 1175, §43; 97 Acts, ch 139, §9, 17; 2000 Acts, ch 1025, §3, 6; 2013 Acts, ch 37, §3
Referred to in §321.1, 321A.13, 321A.18
Structure Iowa Code
Chapter 321A - MOTOR VEHICLE FINANCIAL RESPONSIBILITY
Section 321A.2 - Department to administer chapter — judicial review.
Section 321A.3 - Abstract of operating record — fees to be charged and disposition of fees.
Section 321A.4 - Effect of failure to report accidents.
Section 321A.5 - Security required following accident — exceptions.
Section 321A.6 - Exceptions to requirement of security.
Section 321A.7 - Duration of suspension.
Section 321A.8 - Application to unlicensed drivers and unregistered motor vehicles.
Section 321A.9 - Form and amount of security.
Section 321A.10 - Custody, disposition, and return of security.
Section 321A.11 - Matters not to be evidence in civil suits.
Section 321A.12 - Courts to report nonpayment of judgments.
Section 321A.13 - Suspension for nonpayment of judgments — exceptions.
Section 321A.14 - Suspension to continue until judgments paid and proof given.
Section 321A.15 - Payments sufficient to satisfy requirements.
Section 321A.16 - Installment payment of judgments — default.
Section 321A.17 - Proof required upon certain convictions.
Section 321A.18 - Alternate methods of giving proof.
Section 321A.19 - Certificate of insurance as proof.
Section 321A.20 - Certificate furnished by nonresident as proof.
Section 321A.21 - “Motor vehicle liability policy” defined.
Section 321A.22 - Notice of cancellation or termination of certified policy.
Section 321A.23 - Chapter not to affect other policies.
Section 321A.24 - Bond as proof.
Section 321A.25 - Certificate of deposit as proof.
Section 321A.26 - Owner may give proof for others.
Section 321A.27 - Substitution of proof.
Section 321A.28 - Other proof may be required.
Section 321A.29 - Duration of proof — when proof may be canceled or returned.
Section 321A.30 - Rights not affected.
Section 321A.31 - Surrender of license and registration.
Section 321A.32 - Other violations — penalties.
Section 321A.32A - Civil penalty — disposition — reinstatement.
Section 321A.34 - Self-insurers.
Section 321A.36 - Chapter not to prevent other process.
Section 321A.37 - Uniformity of interpretation.