Motor Vehicle Title Loan Business License

Bring the following documents in person:

• Completed Motor Vehicle Title Loan registration application
• Title loan agreement
• Bond in the amount of $100,000. This protects consumers who are injured by any failure of the title loan business or violation of the law by the title loan lender
• Current partnership agreement, if applicable
• Most recent annual report filed with the Florida Division of Corporations (fictitious, partnership, corporation)
• Criminal background information, if applicable

If the application process is not completed within 60 days of its filing, the application will be considered abandoned and closed and a new application and fee will be required.

• Initial motor vehicle title loan registration: $2,108
• Biannual renewal fee: $1,609
• Reactivation fee: $355
• Replacement certificate (optional): $21
• Background check fee: $25

The fees are non-refundable. A late fee will apply to renewal applications submitted after the expiration of the current registration. The late fee is in addition to the renewal fee.

Checks or money orders should be made payable to Miami-Dade County / CP. Visa, Mastercard and American Express are accepted when applying online and in person.

The title loan lender must give each borrower, at the time the loan is made, a written title loan agreement in English, Spanish or Creole that includes:

• Make, model and year of the motor vehicle being used as security
• Vehicle identification number and license plate number
• Name, address, date of birth, physical description and Social Security number of the borrower
• Date of the transaction
• Identification number and type of identification, including the issuing agency, that was accepted from the borrower
• Amount financed
• Maturity date of the title loan agreement
• Total title loan charge payable on the maturity date, designated as the finance charge
• Total amount, amount financed, plus finance charge, that must be paid to redeem the loan property on the maturity date, designated as the total amount of all payments
• Annual percentage rate
• Name and address of the title loan office
• Name and address of the Miami-Dade County Office of Consumer Protection, as well as the Consumer Hotline telephone number consumers can call to address complaints: 786-469-2333 
• Contract must contain a blank line below the statement for the initials of the borrower

The following statement printed in not less than 14-point bold type:

Your vehicle has been pledged as security for this loan and if you do not repay this loan in full, including the finance charge, you will lose your vehicle. You are encouraged to repay this loan at the end of the loan period. The lender is not required to extend or renew your loan. This loan has a very high interest rate. Do not complete this loan transaction if you have the ability to borrow from another source at a rate lower than 2 1/2 percent per month or an annual percentage rate of 30 percent.

The license issued by Miami-Dade County must be conspicuously displayed at the title loan lender's place of business. The business address on the license must match the title loan lender's location.

A title loan lender must include in any advertisement the current valid Miami-Dade County license number and the name under which the business is licensed.

A title loan lender may charge a maximum interest rate of 30 percent per year computed on the first $2,000 of the principal amount, 24 percent per year on that part of the principal amount exceeding $2,000 and not exceeding $3,000, and 18 percent per year on that part of the principal amount exceeding $3,000.

Title loan lenders cannot do the following:

• Impose illegal charges in any title loan transaction
• Enter into a title loan agreement for an amount of money that exceeds one-third of the value of the motor vehicle
• Refuse to accept partial repayment of the amount financed when all accrued finance charges have been paid
• Charge a prepayment penalty
• Fail to remit to the borrower all surplus proceeds from the disposal of the vehicle within 30 days
• Commit any act of fraud, misrepresentation, deceit or gross negligence
• Engage in false, deceptive or misleading advertising
• Fail to keep all records or refuse to allow inspection of all records by Miami-Dade County

In the event of a change in ownership of a motor vehicle title loan business, a new application and fee is required.

Changes in any material aspect of the motor vehicle title loan business shall be provided to Miami-Dade County in writing along with proof of the change and the required fee, if replacement of the registration is required, within 30 days of the change.

The title loan lender must prominently post a sign no smaller than three feet by five feet that lets you know what happens if you do not pay the loan and the interest rate. To verify if a motor vehicle title lender is licensed, call 786-469-2333.

If you have a problem paying your loan, contact the lender and try to work it out. Keep a record of the names of persons you talk to and what they tell you. Keep copies of any relevant receipts, letters, etc. Be honest with your lender. If you are unable to pay, but show a willingness to satisfy the loan, the lender may be willing to work with you. If you are not successful or if you think the lender has not followed the law, you may wish to consider filing a formal complaint.

If you fail to pay the loan, the title loan lender may repossess your vehicle. However, the title loan lender must first make the vehicle available at a date, time and place of mutual convenience. You have the right to remove your belongings from the vehicle at no additional cost. If your vehicle is sold, you are entitled to any proceeds of the sale in excess of the amount you owe and the lender's reasonable expenses for repossession and sale.