A title guaranty division is created within the authority. The division may also be referred to as Iowa title guaranty. The powers of the division relating to the issuance of title guaranties are vested in and shall be exercised by the board. The director shall appoint an attorney as director of the division. The appointment of, and compensation for, the division director shall be exempt from the merit system under chapter 8A, subchapter IV, part 2. The net earnings of the division, beyond that necessary for reserves, backing, guaranties issued, or to otherwise implement the public purposes and programs authorized, shall not inure to the benefit of any person other than the state and are subject to section 16.2, subsection 9.

Section stricken and rewritten

2007 Acts, ch 54, §12; 2013 Acts, ch 100, §4, 17; 2014 Acts, ch 1012, §2; 2014 Acts, ch 1026, §9; 2014 Acts, ch 1080, §7, 78; 2015 Acts, ch 25, §1; 2015 Acts, ch 30, §13; 2023 Acts, ch 19, §2136; 2025 Acts, ch 147, §24