31-1-822. Safekeeping of certificates of title -- liability insurance -- liability. (1) A person engaged in the business of title lending shall provide a safe place for the keeping of the pledged certificates of title and for the keeping of pledged property delivered to the title lender pursuant to the terms of any title loan agreement.
     (2) A person engaged in the business of title lending shall maintain premises liability insurance in an amount of not less than $100,000 for each occurrence for the benefit of consumers and employees who visit or work at the title lending office.
     (3) A person engaged in the business of title lending is immune from liability for any loss or injury occasioned or caused by the use of pledged property unless the pledged property is actually in the possession of the title lender.
     (4) A person engaged in the business of title lending is strictly liable to the borrower for any loss to pledged property in the possession of the title lender but only if the borrower makes a redemption of the pledged property prior to the expiration of the 20-day holding period provided in 31-1-820.

     History: En. Sec. 16, Ch. 455, L. 2001.