31-1-818. Title loan agreements -- required disclosures. Each title loan agreement must disclose the following:
     (1) all disclosures required to be made under the federal Truth in Lending Act;
     (2) that the transaction is a loan secured by the pledge of titled personal property;
     (3) the identity of the parties to the title loan agreement, including the name, business address, telephone number, and certificate number of the title lender and the name, resident address, and identification of the borrower;
     (4) the monthly interest rate to be charged;
     (5) the allowable fees and expenses to be charged to the borrower upon redemption of the certificate of title;
     (6) the date on which the borrower's exclusive right to redeem the pledged certificate of title pursuant to 31-1-820 expires;
     (7) the location where the titled personal property is to be delivered if the certificate of title is not redeemed and the hours that the location is open for receiving deliveries;
     (8) that if the titled personal property is sold by the title lender, any proceeds of the sale in excess of the amount owed on the loan and the reasonable costs of repossession must be paid to the borrower;
     (9) that any attempt by a borrower to obtain a replacement certificate of title on a motor vehicle during the active term of a loan under this part may be a violation of 61-3-204 and may be subject to the penalty provisions of 61-3-601; and
     (10) any additional disclosures considered necessary by the department.

     History: En. Sec. 12, Ch. 455, L. 2001.