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1999-27
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1999-27
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Last modified
3/26/2019 10:39:39 AM
Creation date
9/30/2015 3:51:53 PM
Metadata
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Ordinances
Ordinance Number
1999-27
Adopted Date
09/28/1999
Ordinance Type
Title Loans
State Filed Date
10\04\1999
Entity Name
Motor Vehicle Title Loans
Subject
Title Loan Ordinance
Codified or Exempt
Codified
Archived Roll/Disk#
2744
Supplemental fields
SmeadsoftID
951
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(c) Any transaction involving a borrower's delivery of a motor vehicle certificate <br />of title in exchange for the advancement of funds on the condition that the borrower shall or <br />may redeem or repurchase the certificate of title upon the payment of a sum of money, <br />whether the transaction be characterized as a "buy -sell agreement," "sale-leaseback agreement," <br />or otherwise, shall be deemed a violation of this Ordinance if such sum exceeds the amount <br />that a title loan lender may collect in a title loan agreement under this Ordinance or if the <br />terms of the transaction otherwise conflict with the permitted terms and conditions of a title <br />loan agreement under this Ordinance. <br />(d) No charges, including interest, in excess of the combined total of all charges <br />permitted by this section shall be allowed. <br />SECTION 5. TRANSACTION SATISFACTION AND DEFAULT. <br />(a) When the title loan has been paid in full, the title loan lender must deliver to <br />the borrower a certificate of title clear of all encumbrances placed upon the title by the title <br />(b) A title loan lender who engages in a title loan transaction may take possession <br />of a motor vehicle upon a borrower's default under the title loan agreement. Unless the <br />borrower voluntarily surrenders the motor vehicle, the title loan lender may only take <br />possession of a motor vehicle through an agent licensed by the State of Florida to repossess <br />motor vehicles. Any sale or disposal of a motor vehicle shall be made through a motor vehicle <br />dealer licensed under Section 320.27, Florida Statutes. <br />(c) Except as provided by this section, title loan lenders shall comply with the <br />in full. <br />loan lender within thirty <br />(30) <br />days of such payment <br />(b) A title loan lender who engages in a title loan transaction may take possession <br />of a motor vehicle upon a borrower's default under the title loan agreement. Unless the <br />borrower voluntarily surrenders the motor vehicle, the title loan lender may only take <br />possession of a motor vehicle through an agent licensed by the State of Florida to repossess <br />motor vehicles. Any sale or disposal of a motor vehicle shall be made through a motor vehicle <br />dealer licensed under Section 320.27, Florida Statutes. <br />(c) Except as provided by this section, title loan lenders shall comply with the <br />
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