Section 7-201. Sale of certain licensed taxicabs

Notwithstanding any other
  law a bank, trust company, national  bank,  licensed  lender  or  credit
  union  which has made a loan to the owner of a licensed taxicab, and has
  taken as collateral a security agreement wherein the debtor pledges  the
  licensed taxicab as security for the repayment of the loan as prescribed
  by  the uniform commercial code, and in turn the secured party has filed
  a financing statement in the proper  filing  offices,  and  default  has
  occurred  in  payment  of  the debt by the debtor, the secured party, if
  possession has been had of the licensed taxicab  must  dispose  of  said
  licensed taxicab for use and operation as a licensed taxicab pursuant to
  law. When the secured party takes possession of such licensed taxicab it
  shall immediately notify the licensing agency.
    The  purchaser  of  such  licensed  taxicab  at sale hereunder, or his
  vendee shall have the same rights in respect of the  use  and  operation
  thereof  as  a licensed taxicab as he would be entitled to under the law
  pursuant to which such taxicab was licensed if  he  were  the  purchaser
  thereof  at  a  voluntary  sale. Said sale shall be conditioned upon the
  approval by the licensing or supervisory agency of the purchaser  as  an
  owner  of  such  taxicab. In making such determination, the licensing or
  supervisory agency shall use the same procedure and standards as if  the
  purchaser  thereof was a purchaser at a voluntary sale and such approval
  shall not be  arbitrarily  withheld  by  the  licensing  or  supervisory
  agency.  In  the  event such approval is not granted by the licensing or
  supervisory agency, said sale shall be declared a  nullity,  all  monies
  paid  hereunder,  shall  be returned to the purchaser at said sale. Such
  sale shall continue until a purchaser acceptable  to  the  licensing  or
  supervisory  agency  is obtained or the vehicle is otherwise disposed of
  according to law.
    As used herein the term licensed taxicab shall mean a vehicle carrying
  passengers for hire and licensed by any county, city, town,  village  or
  any other such licensing agency, to operate as a taxicab within any such
  jurisdiction.