§ 314.06. Right to redeem; lost title loan agreements.

(a)

Any person presenting identification as the borrower and presenting the borrower's copy of the title loan agreement to the title loan lender is presumed to be entitled to redeem the certificate of title described in the title loan agreement. However, if the title loan lender determines that the person is not the borrower, the title loan lender is not required to allow the redemption of the certificate of title by such person. The person redeeming the certificate of title must sign the borrower's copy of the title loan agreement, which the title loan lender may retain to evidence such person's receipt of the certificate of title. A person redeeming the certificate of title who is not the borrower must show identification to the title loan lender, together with written authorization from the borrower, and the title loan lender shall record that person's name and address on the title loan agreement retained by the title loan lender. In any such case, the person redeeming the certificate of title shall be provided a copy of such signed form as evidence of such transaction.

(b)

If the borrower's copy of the title loan agreement is lost, destroyed, or stolen, the borrower must notify the title loan lender, in writing by certified or registered mail, return receipt requested, or in person evidenced by a signed receipt, and receipt of such notice shall invalidate such title loan agreement if the certificate of title has not previously been redeemed. Before delivering the certificate of title or issuing a new title loan agreement, the title loan lender shall require the borrower to make a written statement of loss, destruction, or theft of the borrower's copy of the title loan agreement. The title loan lender shall record on the written statement the type of identification and the identification number accepted from the borrower, the date the statement is given, and the number or date of the title loan agreement lost, destroyed or stolen. The statement shall be signed by the title loan lender or the title loan office employee who accepts the statement from the borrower.

(Ord. No. 99-27, § 6, 9-29-99)