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47-1126.


47-1126.
   
   A. At any time that a mortgagee repossesses a vehicle on which the
   registration has become delinquent as of the date of such
   repossession, the mortgagee shall not be required, as a condition for
   registration of said vehicle, to pay the penalties which had accrued
   as of the date of such repossession otherwise prescribed in this act.
   Provided that said penalties shall not be waived unless such vehicle
   is registered by the mortgagee within five (5) days after it is
   repossessed. Provided further, that if the mortgagor, or spouse,
   becomes the owner of the vehicle within ninety (90) days from the date
   of repossession, the penalty shall reattach and be paid when the new
   title is applied for.
   
   B. Upon each vehicle repossessed by a mortgagee, a fee of Forty-six
   Dollars ($46.00) shall be assessed. This fee shall be in lieu of any
   applicable vehicle excise tax and registration fees. Each motor
   license agent accepting applications for certificates of title for
   such vehicles shall receive Seven Dollars ($7.00) to be deducted from
   the license fee specified in this subsection for each application
   accepted.
   

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