Iowa § 322F.5A - 322F.5A Transfer of dealership.

§ 322F.5A. 322F.5A Transfer of dealership.

1. If a supplier has contractual authority to approve or deny a request for a sale or transfer of a dealer’s business or an equity ownership interest in the business, the supplier shall approve or deny the request within sixty days after receiving a written request from the dealer. If the supplier has not approved or denied the request within the sixty-day period, the request shall be deemed approved. The dealer’s request shall include reasonable financial information, personal background information, character references, and work histories for each acquiring person. 2. If a supplier denies a request made pursuant to this section, the supplier shall provide the dealer with a written notice of the denial that states the reasons for the denial. A supplier may only deny a request based on the failure of a proposed transferee to meet the reasonable requirements consistently imposed by the supplier in determining whether to approve a transfer or a new dealership. 2005 Acts, ch 27, §1 Referred to in §322F.9 Thu Dec 11 19:45:54 2025 Iowa Code 2026, Section 322F.5A (17, 0)