§ 18-144. Transaction satisfaction and default.

(a)

When the title loan has been paid in full, the secondhand dealer must deliver to the borrower a certificate of title clear of all encumbrances placed upon the title by the secondhand dealer within thirty (30) days of such payment in full.

(b)

A secondhand dealer who engages in title loan transactions may take possession of the motor vehicle upon the borrowers default under the title loan agreement. Unless the borrower voluntarily surrenders the motor vehicle, the secondhand dealer may only take possession of a motor vehicle through, an agent licensed by the State of Florida to repossess motor vehicles. Any fee for services rendered by an individual or entity other than the title loan lender in taking possession of such motor vehicle may be included in the amount payable by the vehicle owner to redeem the vehicle.

(c)

A secondhand dealer 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 collateral or motor vehicle may be by a public or private proceedings and may be made by way of one or more contracts, no earlier than ninety (90) days from the date of the last payment by the borrower on a motor vehicle title loan agreement. No additional interest shall accrue on the borrower's remaining contractual obligations after sixty (60) days from the date of the last payment. Sale or other disposition may be as a unit or in parts and at any time and place 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. The borrower shall receive all proceeds from the sale of the vehicle in excess of the amount of interest and principal remaining due and payable on the loan and documentary fees actually paid by the title loan lender in connection with transfer of title.

(e)

Borrowers shall have no personal liability on a title loan transaction except in the case of willful destruction, disassembly or sale of the vehicle which title secures the loan.

(Ord. No. 99-15, § 4, 7-13-99)