Iowa Code § 462A.43

Upon the transfer of ownership of any vessel, the owner shall, at the time of delivering the vessel, provide the purchaser or transferee with either the title of the vessel assigned in the purchaser’s or transferee’s name or, if there is no title, the registration certificate with the form on the back completely filled in. Once a vessel has been titled, a person shall not sell or transfer ownership without assigning and delivering the title to the purchaser or transferee. If a vessel has an expired registration at the time of transfer, the transferee shall pay all applicable fees for the current registration period, the appropriate writing fee, and a penalty of five dollars. All penalties collected pursuant to this section shall be forwarded by the commission to the treasurer of state, who shall place the money in the state fish and game protection fund. The money so collected is appropriated to the commission solely for the administration and enforcement of navigation laws and water safety.