The Peer-to-Peer Car Sharing Program Act establishes a legal framework for peer-to-peer car sharing programs in Iowa. It defines key terms such as "car sharing," "shared vehicle," and "program agreement," and outlines the responsibilities and liabilities of both shared vehicle owners and drivers during the car sharing period. The Act mandates that programs assume liability for bodily injuries or property damage to third parties during the car sharing period, provided certain conditions are met. It also requires that both shared vehicle owners and drivers maintain adequate motor vehicle liability insurance coverage during the car sharing period.

Additionally, the Act includes provisions for safety recalls, recordkeeping, and the responsibilities of the car sharing program regarding equipment used in transactions. It emphasizes the need for transparency in program agreements, ensuring that all parties are aware of their rights and obligations, including potential exclusions in liability policies. The legislation aims to create a safe and regulated environment for peer-to-peer car sharing, protecting both vehicle owners and drivers while facilitating the sharing economy.