§ 13-277. 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 all encumbrances placed upon the title by the title loan lender within thirty (30) days of such payment in full.

(b)

A title loan lender who engages in title loan transactions has the right to repossess the motor vehicle upon failure of the owner to redeem the title. 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. The title loan lender may dispose of the motor vehicle as provided in section 538.16, Florida Statutes. However, any sale or disposal of the motor vehicle shall be made through a motor vehicle dealer licensed under 320.27, Florida Statutes.

(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 contracts. Sale or other disposition may be as a unit or in parts and at any time and on any terms, but every aspect of the disposition including the method, manner, time, place and terms including surplus of the debt must be commercially reasonable and conducted in compliance with Chapter 679, Part V, Florida Statutes, which includes, among other requirements, borrower notification requirements as to manner and method of sale as well as an accounting to the borrower of any surplus from the sale.

(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 property released within thirty (30) 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, all books, accounts, records, receipts for expenses, each contract signed by a borrower, all other documents associated with each title loans transaction and any other documents necessary to determine the title loan lender's compliance with this article for a period of five (5) years from the date the loan was satisfied. All books, accounts, records, receipts for expenses, contracts and other documents associated with the title loan transaction shall be made available for inspection during regular business hours for the purpose of determining compliance with the requirement of the section and any other provision of law.

(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 this article.

(Ord. No. 1999-81, § 2, 8-24-99)