N.Y. Comp. Codes R. & Regs. tit. 15 § 20.15

Current through Register Vol. 46, No. 19, May 8, 2024

Section 20.15 - Recording of security interests

(a) Vehicles sold by a dealer registered under section 415 of the Vehicle and Traffic Law. If a lender desires to have a lien recorded, he must notify the dealer of such fact and the dealer must list such lienholder on the application for registration or title (Form MV-82T) as directed on that form, and he must also list the total number of such liens on the certificate of sale (Form MV-50) for that vehicle in accordance with the regulations of the commissioner governing dealers. The fee for recording such security interests must be paid by the lender. However, if a dealer has completed and filed with the Department of Motor Vehicles an application for registration or title of a vehicle and, within 10 days thereafter, the dealer receives the appropriate filing fees and notification of the desire of the lender to have his lien recorded, the dealer shall, within 24 hours of such receipt, prepare and submit a notice of lien (Form MV-900) properly completed, to the Title Bureau, Department of Motor Vehicles, South Mall, Albany, NY 12228, together with the appropriate recording fees and the dealer shall sign his name on behalf of the lien holder in the space provided on the notice of lien (Form MV-900) for the lien holder' s signature and shall state on such form, the date when the application for registration or title was filed with the Department of Motor Vehicles.

(b) Recording liens other than those specified in subdivision (a) of this section.

(1) Security interests in a vehicle which is not titled in New York in the name of the borrower. In order to perfect a security interest in such case, the lender must submit a notice of lien (Form MV-900) properly completed to the Title Bureau, Department of Motor Vehicles, South Mall, Albany, NY 12228, together with the appropriate recording fees which must be paid by the lender. If a notice of lien is received by the title bureau after the certificate of title has been issued, the notice of lien will be returned to the lender and the procedures specified in paragraph (2) of this subdivision must be followed to record a lien.

(2) Security interests in a vehicle which is titled in New York in the name of the borrower. In order to perfect a security interest in such vehicle, the lender must submit a notice of lien (Form MV-900) properly completed, together with the certificate of title which has been issued to the borrower to the Title Bureau, Department of Motor Vehicles, South Mall, Albany, NY 12228, together with the appropriate recording fee which must be paid by the lender. If a notice of lien for such vehicle is received without the certificate of title, the security interest will not be recorded and the notice of lien will be returned to the lender.

N.Y. Comp. Codes R. & Regs. Tit. 15 § 20.15