Sinn Féin MLA Gerry Kelly has said he regrets using bolt cutters to unclamp his car and added that he has now paid the fine.
He says he made an on-the-spot decision to remove the clamp as he was under pressure to get to Stormont for talks on Friday.
The North Belfast politician borrowed the bolt cutters from his gym which was unaware what he was using the equipment for.
He said the issue has now been resolved.
Police were notified of alleged criminal damage after Mr Kelly - who is Sinn Féin's policing spokesman - was filmed apparently using bolt cutters to remove a clamp from his car.
Gerry Kelly (pictured) removed the device after finding his vehicle had been immobilised while he was at a gym in Belfast city centre on Friday morning, the party said.
The private parking firm that controls the area outside the Metropolitan Arts Centre (MAC) near St Anne's Cathedral reported the matter to police.
A PSNI statement said: "Police in north Belfast received a report of criminal damage in the Exchange Street area of Belfast at around 2.20pm, Friday 2 February. It is believed that damage was caused to the wheel-clamp of a car."