(1) No pledged property can be confiscated without the following actions having been accomplished:
(a) A police report being made in a timely manner;
(b) A warrant sworn out for the person who pledged the property to the title pledge lender; and
(c) A theft report or a National Crime Information Center (NCIC) report identifying the pledged property to be confiscated along with a request for restitution, pursuant to law.
(2) Pledged property can be put on a one-time seven-day hold by the authorized law enforcement authorities.
(3) Confiscated pledged property shall be returned to the title pledge lender by the law enforcement authorities as soon as possible when determined that the pledged property has no rightful owner.
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