1. (a) Within 20 days of satisfaction of a junior lien, the junior lienholder shall submit an application for registration to the department to report the release of that junior lienholder's security interest, which shall include:

   1. (1) The Junior Lienholder Registration Card issued by the department, signed by the junior lienholder on the designated line(s) or in the designated area to release the junior lienholder's interest; or

   2. (2) a statement signed under penalty of perjury by the junior lienholder, which contains the following information:

      1. (A) the unit(s) identifying information;
      2. (B) the registered owner identifying information;
      3. (C) the junior lienholder identifying information;
      4. (D) why the Junior Lienholder Registration Card could not be submitted;
      5. (E) the date of release of the junior lienholder's interest;
      6. (F) that the junior lienholder no longer holds a lien in the name of the registered owner;
      7. (G) that the lien against the described unit has been fully satisfied; and
      8. (H) that the lien has not been assigned to any other party.
   3. (3) Payment of the Lien Registration Service fee as specified in subsection 5660(m).

Note: Authority cited: Sections 18015 and 18075, Health and Safety Code. Reference: Sections 18035(d) and 18100.5(a), Health and Safety Code.

History

1. New section filed 12-31-97; operative 1-1-98 pursuant to Government Code section 11343.4(d) (Register 98, No. 1).