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(1) File with the Department a bond in the amount of one hundred <br />thousand dollars ($100,000.00) for each license with a surety company qualified to do business <br />in this state. The bond shall be to the Department and in favor of any consumer who is <br />injured in the contest of a title loan transaction by the fraud, misrepresentation, breach of <br />contract, financial failure or other failure of the business, unfair or deceptive trade practice, <br />disclosure violation, or violation of any provision of this Ordinance by the title loan lender. <br />The term of the bond shall be for at least the term of the license. An injured consumer may <br />bring an action in a court of competent jurisdiction against the surety bond. The court shall <br />award to a prevailing consumer reasonable attorney's fees and costs, including appellate <br />attorney's fees and costs. The surety bond shall require that any surety company canceling a <br />bond provided to a title loan lender pursuant to this section shall notify the Department of <br />such cancellation in writing at least ten (10) days before cancellation. <br />(2) Not have been convicted of a felony within the last ten (10) years or be <br />acting as an ultimate equitable owner for someone who has been convicted of a felony within <br />the preceding ten (10) years. <br />(3) Not have been convicted, and not acting as an ultimate equitable owner <br />for someone who has been convicted, of a crime directly related to the duties and <br />responsibilities of a title loan lender within the preceding ten (10) years. <br />(i) If an applicant for a title loan lending license is other than a corporation, the <br />eligibility requirements of subsections (h)(2) and (h)(3) shall apply to each direct or ultimate <br />equitable owner. <br />G) If an applicant for a title loan lending license is a corporation, the eligibility <br />requirements of subsections (h)(2) and (h)(3) apply to each direct or ultimate equitable owner <br />of at least twenty-five percent (25%) of the outstanding equity interest of such corporation and <br />to each Department and executive officer. <br />SEPTEMBER 28, 1999 <br />-122- <br />