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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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