§ 314.12. Transition period.

Any person operating as a title loan lender on the effective date of this chapter shall have ninety (90) days from the effective date of this chapter to comply with the regulations, restrictions, and licensing provisions of this chapter before the department may initiate any administrative or civil action, or refer a matter for criminal prosecution.

Within ten (10) days of the effective date of this chapter, all title loan lenders shall provide written notice to all borrowers with whom they have outstanding loan agreements on the effective date of this chapter, if they intend not to renew the title loan agreement under the terms of this chapter. The notice shall state the total amount that will be due and payable at the end of the term of the agreement in order to redeem the borrower's certificate of title.

(Ord. No. 99-27, § 12, 9-29-99)