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703
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MARVIN MANDEL, Governor
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FEE AS IS REQUIRED FOR PERFECTION OF THE SECURITY
INTEREST UNDER §13-202 OF THIS SUBTITLE.
(2) THE ASSIGNEE'S SECURITY INTEREST IS
PERFECTED AT THE TIME OF ITS CREATION, IF THE DELIVERY
AND PAYMENT TO THE ADMINISTRATION ARE COMPLETED WITHIN
10 DAYS OF THE DATE OF ITS CREATION. OTHERWISE, THE
SECURITY INTEREST IS PERFECTED AT THE TIME OF THE
DELIVERY AND PAYMENT.
REVISOR'S NOTE: This section presently appears as
Art. 66 1/2, §3—204 — except for that part of
present §3—204(b) that relates to the
disposition of filing fees, which now appears
in §13-208 of this subtitle.
The only changes are in style.
13-205. RELEASE.
(A) BY SECURED PARTY.
(1) WHEN A SECURITY INTEREST IN A VEHICLE IS
SATISFIED, THE SECURED PARTY SHALL:
(I) EXECUTE A RELEASE OF THE SECURITY
INTEREST ON THE FORM THAT THE ADMINISTRATION REQUIRES;
AND
(II) IMMEDIATELY DELIVER COPIES OF THE
RELEASE TO THE OWNER AND TO THE ADMINISTRATION.
(2) AFTER IT RECEIVES A RELEASE AND THE
CERTIFICATE OF TITLE, THE ADMINISTRATION SHALL RELEASE
THE SECURED PARTY'S RIGHT ON THE CERTIFICATE OF TITLE OR
ISSUE A NEW CERTIFICATE OF TITLE.
(B) BY ADMINISTRATION.
(1) IF, AFTER NOTICE TO ALL INTERESTED
PARTIES AND A HEARING, THE ADMINISTRATION DETERMINES THAT
AN INDEBTEDNESS DOES NOT CONSTITUTE A SECURITY INTEREST,
IT SHALL:
(I) RELEASE THE INDEBTEDNESS ON THE
CERTIFICATE OF TITLE; OR
(II) ISSUE A NEW CERTIFICATE OF TITLE AND
DELIVER THE CERTIFICATE TO THE OWNER.
(2) ANY PERSON AGGRIEVED BY THE DECISION OF
THE ADMINISTRATION MAY APPEAL IN ACCORDANCE WITH THE
PROVISIONS OF THE ADMINISTRATIVE PROCEDURE ACT.
REVISOR'S NOTE: This section presently appears as
Art. 66 1/2, §3-205.
In subsection (b)(1) of this section, the
repeated phrase "or issue a new certificate"
is deleted' as redundant.
The only other changes are in style. The
Administrative Procedure Act is contained in
Art. 41, §§ 244 et seq.
13-206. DUTY OF SECURED PARTY TO DISCLOSE CERTAIN
INFORMATION.
ON WRITTEN REQUEST OF THE VEHICLE OWNER, A SECURED
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