MARVIN MANDEL, Governor

2049

3-202.

(B) A SECURITY INTEREST IS PERFECTED BY THE
DELIVERY TO THE STATE MOTOR VEHICLE ADMINISTRATION OF THE
EXISTING CERTIFICATE OF TITLE, IF ANY, AND AN APPLICATION
FOR CERTIFICATE OF TITLE ON A FORM PROVIDED OR APPROVED
BY THE STATE MOTOR VEHICLE ADMINISTRATION CONTAINING
INFORMATION REGARDING THE SECURITY INTEREST AS MAY BE
REQUIRED IN THE FORM, AND UPON PAYMENT OF A FILING FEE OF
[[$10]] $12. WHICH IS IN ADDITION TO ANY OTHER FEES WHICH
MAY BE APPLICABLE UNDER THIS ARTICLE. THE STATE MOTOR
VEHICLE ADMINISTRATION SHALL DEPOSIT [[$l]] $3 OF THIS
FILING FEE, WHICH IS IN LIEU OF A RECORDATION TAX LEVIED
PURSUANT TO SECTION 277 OF ARTICLE 81, IN A SPECIAL FUND
WHICH IS CREATED. THESE MONEYS SHALL BE USED FOR THE
BENEFIT OF THE COUNTIES [[AND MUNICIPALITIES]] OF THE
STATE, AND BALTIMORE CITY, AND DISTRIBUTION OF THIS FUND
SHALL BE MADE TO THE SEVERAL COUNTIES AND BALTIMORE CITY
ANNUALLY ON A MOTOR VEHICLE REGISTRATION BASIS. THE SUMS
TO BE DISTRIBUTED SHALL BE DETERMINED BY APPLYING THE
RATIO OF THE TOTAL NUMBER OF MOTOR VEHICLE REGISTRATIONS
WITHIN EACH COUNTY OR BALTIMORE CITY AS THEY BEAR TO THE
TOTAL NUMBER OF MOTOR VEHICLE REGISTRATIONS IN ALL THE
COUNTIES AND BALTIMORE CITY. THE TIME OF ANNUAL
DISTRIBUTION SHALL BE DETERMINED BY TEE MOTOR VEHICLE
ADMINISTRATOR. THE STATE MOTOR VEHICLE ADMINISTRATION
SHALL DEPOSIT $6 OF THIS FILING FEE TO THE CREDIT OF THE
COMPTROLLER OF THE TREASURY CLERK OF THE COURT'S
DEFICIENCY FUND WHICH IS CREATED. THIS FUND SHALL BE
USED TO OFFSET ANY OPERATING DEFICIENCIES INCURRED BY THE
OFFICES OF THE CLERKS OF THE CIRCUIT COURTS OF THE
RESPECTIVE COUNTIES OR THE CLERKS OF THE VARIOUS COURTS
OF BALTIMORE CITY. ANY BALANCE REMAINING AFTER ALL
DEFICIENCIES HAVE BEEN PAID SHALL BE TREATED AS GENERAL
FUND REVENUE. THE SECURITY INTEREST IS PERFECTED AT THE
TIME OF ITS CREATION IF DELIVERY AND PAYMENT TO THE STATE
MOTOR VEHICLE ADMINISTRATION ARE COMPLETED WITHIN TEN
DAYS OF THE DATE OF ITS CREATION OTHERWISE, PERFECTION IS
AT THE TIME OF ITS DELIVERY AND PAYMENT.

3-203.

(B) AT THE TIME OF DELIVERY OF THE DOCUMENTS

DESCRIBED IN PARAGRAPH ONE OF THIS SECTION TO THE STATE
MOTOR VEHICLE ADMINISTRATION, THE SECURED PARTY SHALL PAY
TO THE STATE MOTOR VEHICLE ADMINISTRATION WHATEVER FILING
FEE AS MAY BE REQUIRED FOR PERFECTION OF THE SECURITY
INTEREST UNDER SECTION 3-202 (B) OF THIS ARTICLE. THE
STATE MOTOR VEHICLE ADMINISTRATION SHALL CREDIT THAT
PORTION OF THE FEE WHICH IS IN LIEU OF A RECORDATION TAX
LEVIED PURSUANT TO SECTION 277 OF ARTICLE 81 TO THE
SPECIAL FUNDS AS PROVIDED IN SECTION 3-202(B). THE
SECURITY INTEREST IS PERFECTED AT THE TIME OF ITS