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5 <br />ORDINANCE NO. 99- 2 7 <br />AN ORDINANCE OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, PERTAINING TO REGULATION OF <br />° THE MOTOR VEHICLE TITLE LOAN INDUSTRY, <br />PROVIDING A TITLE; PROVIDING DEFINITIONS; <br />PROVIDING FOR CONDITIONS FOR ENGAGING <br />IN TITLE LOAN TRANSACTIONS; PROVIDING <br />FOR A MAXIMUM INTEREST RATE; PROVIDING <br />FOR REQUIREMENTS UPON TRANSACTION <br />SATISFACTION AND DEFAULT; PROVIDING FOR <br />RIGHT TO REDEEM AND LOST TITLE LOAN <br />AGREEMENTS; PROVIDING FOR LICENSES, <br />PROVIDING FOR RECORD KEEPING <br />REQUIREMENTS; PROVIDING FOR VIOLATIONS; <br />PROVIDING FOR ENFORCEMENT AND <br />PENALTIES; PROVIDING FOR HEARINGS AND <br />APPEALS, PROVIDING FOR TRANSITION <br />PERIOD; PROVIDING FOR APPLICABILITY; <br />PROVIDING FOR REPEAL OF LAWS IN <br />CONFLICT; PROVIDING FOR SEVERABILITY; <br />PROVIDING FOR INCLUSION IN THE CODE OF <br />LAWS AND ORDINANCES; AND PROVIDING <br />FOR AN EFFECTIVE DATE. <br />WHEREAS, Chapter 538, Article I, Florida Statutes, permits title loan lenders to <br />charge up to 22 percent per month in interest for a motor vehicle title loan; and <br />WHEREAS, current state law provides little or no regulation over the title loan <br />industry; and <br />WHEREAS, Section 538.17, Florida Statutes, permits political <br />subdivision of the State of Florida to enact laws more restrictive than the provisions of <br />Chapter 538, Article I, Florida Statutes; and <br />