The bill establishes the Peer-to-Peer Car Sharing Program Act in Iowa, creating a regulatory framework for peer-to-peer car sharing initiatives. It defines essential terms such as "car sharing," "shared vehicle," and "car sharing period," and mandates that car sharing programs assume liability for bodily injuries or property damage to third parties during the car sharing period, with specified minimum liability amounts. However, this liability does not apply if the vehicle owner engages in fraudulent behavior or collaborates with the driver to not return the vehicle as agreed. Additionally, the bill requires that a motor vehicle liability insurance policy be in effect during the car sharing period, which can be maintained by the owner, driver, or the program itself.

The legislation also includes provisions for recordkeeping, safety recalls, and the responsibilities of the program regarding equipment used in car sharing transactions. Programs must verify that shared vehicles are free from safety recalls and notify owners of any liens on the vehicles. They are required to maintain detailed records of each shared vehicle's usage and provide this information upon request for insurance claims. The bill allows programs to maintain liability policies that cover various liabilities and clarifies that coverage is not contingent on other insurers denying claims. It also mandates that programs disclose critical information to vehicle owners and drivers, ensuring transparency and safety in the peer-to-peer car sharing process. The commissioner of insurance is authorized to adopt necessary rules for the administration of the Act.