§ 22-44. Right to redeem lost title loan transaction form.

(a)

Any person presenting identification as the borrower and presenting the borrower's copy of the title loan transaction form to the secondhand dealer is presumed to be entitled to redeem the loan property described in the secondhand dealer transaction form. However, if the secondhand dealer determines that the person is not the borrower, the secondhand dealer is not required to allow the redemption of the loan property by such person. The person redeeming the loan property must sign the borrower's copy of the title loan transaction form, which the secondhand dealer may retain to evidence such person's receipt of the loan property. A person redeeming the loan property who is not the borrower must show identification to the secondhand dealer and written authorization from the borrower, and the secondhand dealer must record that person's name and address on the title loan transaction form retained by the secondhand dealer. In such case, the person redeeming the borrower's copy of the title loan transaction form must be given a copy of the signed form as evidence of the concerned transaction.

(b)

If the borrower's copy of the title loan agreement is lost, destroyed, or stolen, the borrower must notify the title loan lender, in writing by certified or registered mail, return receipt requested, or in person evidenced by a signed receipt, and receipt of such notice shall invalidate such title loan agreement if the certificate of title has not previously been redeemed. Before delivering the certificate of title or issuing a new title loan agreement, the second hand dealer shall require the borrower to make a written statement of loss, destruction, or theft of the borrower's copy of the title loan agreement. The second hand dealer shall record on the written statement the type of identification and the identification number accepted from the borrower, the date the statement is given, and the number or date of the title loan agreement lost, destroyed or stolen. The statement shall be signed by the second hand dealer or the title loan office employee who accepts the statement from the borrower.

(Ord. No. 99-19, § 7, 9-28-99)