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I <br />GOO <br />Jackie Dowd, Assistant Attorney General for the State of Florida, on behalf of <br />Attorney General Bob Butterworth urged the Board to pass the ordinance. She cited an <br />example of the misuse of these interest rates as follows: a gentleman from Indian Harbor <br />Beach borrowed $668 in December of 1966 and signed an agreement to repay the loan, <br />secured by his vehicle. In 30 days the sum of $802 was due. This gentleman's monthly <br />interest payment is now $134 and he has paid $4,293 on this loan, while still owing $500 in <br />principal. This loan is within the 264% and legal under current state law. <br />The Chairman opened the public hearing and asked if anyone wished to be heard in <br />this matter. There being none, the Chairman closed the public hearing. <br />ON MOTION by Commissioner Adams, <br />SECONDED by Commissioner Ginn, the Board <br />unanimously adopted Ordinance 99-027 pertaining <br />to regulation of the Motor Vehicle Title Loan <br />Industry; providing: a title, definitions, conditions <br />for engaging in title loan transactions; maximum <br />interest rate; requirements upon transaction <br />satisfaction and default; right to redeem and lost title <br />loan agreements; licenses; record keeping <br />requirements; violations; enforcement and penalties; <br />hearings and appeals; transitionperiod; applicability; <br />repeal of laws in conflict; severability; inclusion in <br />the Code of Laws and Ordinances; and an effective <br />date. <br />SEPTEMBER 28, 1999 <br />-112- <br />