This bill amends Iowa's laws concerning the custody and disposal of abandoned vehicles, primarily by adjusting the timelines and procedures involved. It reduces the notice period for police authorities or private entities to inform about the custody of an abandoned vehicle from 20 days to 10 days. Conversely, it extends the reclamation period for owners and lienholders to reclaim their vehicles or personal property from 10 days to 20 days. The bill also introduces provisions allowing private entities to charge fees for towing, preservation, and storage during the first 24 hours of custody, with no additional fees accruing until proper notice is provided. If notice is not sent, the private entity cannot claim payment for these fees.

Additionally, the bill modifies the distribution of proceeds from the sale of abandoned vehicles, requiring that proceeds be held for lienholders for 30 days and for owners for an additional 60 days, rather than the previous 90 days for both. It mandates that any remaining proceeds be deposited into the statutory allocations fund (SAF) instead of the road use tax fund, and establishes joint liability for vehicle owners to reimburse the SAF for incurred costs. The bill also requires notification of the previous owner and lienholders within 10 days of the sale regarding remaining proceeds and introduces a claims procedure for expenses from the SAF, while outlining penalties for violations of the amended regulations.

Statutes affected:
Introduced: 321.89, 321.90, 321.105