1708                                             LAWS OF MARYLAND                                        Ch. 472

i

(2) The 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.

[(d)] (E) On receipt of the certificate of title, the
application, and the required filing fee, the Administration
shall:

(1)  Endorse the existing certificate of title or a
new certificate issued by it with the name and address of each
secured party? and

(2)  Deliver the endorsed certificate of title to the
owner named on it.

13-205.

(a) [(1)] When a security interest in a vehicle is
satisfied, the secured party shall[:

(i) Execute] EXECUTE a release of the security
interest on the form that the Administration requires[; and].

[(ii) Immediately] (B) WHEN A SECURITY

INTEREST IN A VEHICLE IS SATISFIED, THE SECURED PARTY SHALL

IMMEDIATELY deliver copies of the release to the owner and, to the
Administration.

[(2)] (C) 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)] (D) (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.

[13-401.

As to any vehicle required to be registered under this
title, a person may not drive the vehicle on any highway in this
State and the owner of the vehicle may not knowingly permit it to
be driven on any highway in this State, if: