§ 22-40. Transaction 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 thirty (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 borrower's default under the title loan agreement. Unless the borrower voluntarily surrenders the motor vehicle, the second hand dealer may only take possession of a motor vehicle through an agent licensed by the State of Florida to repossess motor vehicles.

(c)

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.

(d)

Disposition of the collateral or motor vehicle may be by public or private proceedings and may be made by way of one (1) or more contracts. 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 including surplus of the debt, must be commercially reasonable.

(Ord. No. 1998-34, § 1, 2-1-99)