SF 114 – Proof of liability change from Treasurer to DOT
FLOOR ACTION:
SF 114 - Under current law, a person who is required to file proof of financial responsibility to operate a motor vehicle may do so by filing $55,000 with the treasurer of state in the form of a certificate of deposit. This bill amends Code section 321A.25 to provide that the certificate of deposit is to be made payable to the Department of Transportation and filed directly with the department. The bill makes conforming amendments to the definition of “financial liability coverage” in Code section 321.1, the list of alternate methods of filing proof of financial responsibility contained in Code section 321A.18, and related provisions in Code sections 321A.27 and 321A.29. [2/6: 48-0]