§ 22-45. 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 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 to repossess motor vehicles. Any sale or disposal of a motor vehicle shall be made through a motor vehicle licensed dealer pursuant to section 320.27, Florida Statutes.

(c)

Except as provided by this section, 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.

(1)

Disposition of the collateral or motor vehicle must be by public or private proceedings and may be made by way of one or more contracts, no earlier than 60 days from the date of the last payment by the borrower on a motor vehicle title loan agreement. No additional interest shall accrue on a borrower's remaining contractual obligations after 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 must be commercially reasonable.

(2)

The proceeds of disposition minus any fees or taxes paid to a state agency and directly related to the individual title loan, interest and principle shall be reimbursed to the borrower. This surplus together with an accounting shall be provided to the borrower within 30 days of the sale.

(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. 99-19, § 8, 9-28-99)