§ 1-10-335. Transaction satisfaction and default.

(a)

When the title loan has been paid in full, the title loan lender must deliver to the borrower a certificate of title clear of any and all encumbrances placed upon the motor vehicle title by the title loan lender within fifteen (15) calendar days of such payment in full.

(b)

A title loan lender who engages in title loan transactions may take possession of the motor vehicle upon the borrower's default under the title loan agreement if the title has not been redeemed from the title lender and there has been no payment made on the borrower's account within sixty (60) days. Unless the borrower voluntarily surrenders the motor vehicle, the title loan lender may only take possession of a motor vehicle through an agent licensed by the State of Florida to repossess motor vehicles.

(c)

A title loan lender who takes possession of a motor vehicle pursuant to this section shall comply with the applicable requirements of Chapter 679, Part V, Florida Statutes.

(d)

Disposition of the motor vehicle may be by public or private proceedings and may be made by way of one (1) or more contacts. Sale or other disposition may be as a unit or in parts and at any time and on any terms. Any surplus proceeds remaining after the sale or disposition of a borrower's motor vehicle must be returned to the borrower. Every aspect of the sale or disposition of the motor vehicle, including the method, manner, time, place and terms must be commercially reasonable and conducted in compliance with the requirements of Chapter 538 and Chapter 679, Part V, Florida Statutes.

(e)

Following repossession, but prior to disposition of the motor vehicle by sale, the borrower shall have the right to redeem the motor vehicle by payment of the full amount due as of the date of tender of the redemption offer plus the reasonable costs of repossession. The title loan lender shall return the motor vehicle immediately and release the certificate of title with all of the title lender's liens on the motor vehicle released within fifteen calendar (15) days of the payment of the full amount due.

(f)

Every title loan lender shall maintain, at the location at which the title loan was made, records of every title loan transaction entered into by the title loan lender, including, but not limited to, all title loan agreements, books, accounts, records, receipts, contracts, and all other documents associated with each title loan transaction and any other documents necessary to determine the title loan lender's compliance with this article for a period of two (2) years from the date the loan was satisfied. All such records shall be made available for inspection by the county or any duly authorized law enforcement agency.

(g)

Each title loan lender shall designate and maintain an agent in this state for service of process.

(h)

No part of this article may be construed to impair or affect the obligation of any title loan agreement which was lawfully entered into prior to the effective date of Ordinance No. 2000-002.

(Ord. No. 2000-002, § 5, 1-25-00)