Section 16-331. TRANSFER OF EQUITY

 

331.1An instrument of security may prohibit a buyer under a retail installment contract from transferring the buyer's equity in the motor vehicle to another person without the written consent of the holder. Upon giving this consent, the holder shall be entitled to a transfer fee not exceeding ten percent (10%) of the remaining unpaid balance or twenty-five dollars ($ 25), whichever is less.

 

331.2Except as provided in the instrument of security pursuant to § 331.1, a buyer may at any time transfer to another person the buyer's equity in a motor vehicle to which an instrument of security relates without obtaining the consent of the holder of the instrument and without prepayment of the instrument or the payment of any fee to the holder.