1. (1) When a security interest is created or assigned, the owner, secured party, or dealer may present the following materials to the secretary of state:

   1. (a) A properly completed application for certificate of title.
   2. (b) The fee prescribed by section 10 of the act.
   3. (c) The current certificate of title to the watercraft.
   4. (d) A copy of the application, which need not be signed or notarized.

2. (2) Upon receipt of the materials described in subrule (1) of this rule, the secretary of state shall do both of the following:

   1. (a) Indicate the date and place of filing on the copy of the application and return the copy to the secured party.
   2. (b) Issue a new certificate of title and mail it to the owner.

History: 1980 AACS.