1. (a) Within 20 days of acquiring a security interest in a unit, the legal owner shall submit an application for registration to the department to report the interest of the legal owner, which shall include:

   1. (1) The titling document, signed and completed as follows:

      1. (A) the new legal owner's name and address entered on the designated line(s) or in the designated area for “Legal Owner”, and
      2. (B) the signature(s) of all registered owner(s) on the designated line(s) or in the designated area for the release of the legal owner; or

      3. (C) a statement signed under penalty of perjury by all registered owner(s) that provides:

         1. 1. the unit(s) identifying information;
         2. 2. the registered owner identifying information;
         3. 3. the legal owner identifying information; and
         4. 4. an acknowledgment that the registered owner(s) are encumbering his/her/their title to record a lien in favor of the new legal owner.
   2. (2) The last-issued registered owner(s) registration card of the unit.
   3. (3) Payment of the Lien Registration Service Fee specified in subsection 5660(m).

Note: Authority cited: Sections 18015 and 18075, Health and Safety Code. Reference: Section 18085 and 18100.5, Health and Safety Code.

History

1. New article 8 (sections 5580-5587) and section filed 12-31-97; operative 1-1-98 pursuant to Government Code section 11343.4(d) (Register 98, No. 1).