Cal. Code Regs. tit. 25 § 5581

Current through Register 2024 Notice Reg. No. 36, September 6, 2024

Section 5581 - How to Report the Release of the Legal Owner's Interest

(a) Within 20 days of satisfaction of the legal owner's security interest, the legal owner shall submit an application for registration to the department to report the release of interest of the legal owner, which shall include:

(1) The titling document signed by the legal owner on the designated line(s) or in the designated area for the release of the legal owner. Or,

(2) A statement signed by the legal owner under penalty of perjury, which contains the following information:

(A) the unit(s) identifying information;

(B) the registered owner identifying information;

(C) the legal owner identifying information; and

(D) a statement that:

1. the legal owner no longer holds a lien in the name of the registered owner;

2. that the lien against the described unit has been fully satisfied; and

3. that the lien has not been assigned to any other party. Or,

(3) If an escrow was used for the transaction, a statement of conditional lien release may be used, which includes:

(A) the unit(s) identifying information;

(B) the registered owner identifying information;

(C) the legal owner identifying information;

(D) escrow identifying information;

(E) a statement signed under penalty of perjury by the legal owner which specifies the conditions for satisfying the lien; and

(F) a statement signed under penalty of perjury by the escrow agent that:

1. all conditions required to satisfy the lien have been met;

2. the legal owner no longer holds a lien in the name of the registered owner; and

3. the lien has not been assigned to any other party.

(4) Payment of the Lien Registration Service fee specified in subsection 5660(m).

Cal. Code Regs. Tit. 25, § 5581

1. New section filed 12-31-97; operative 1-1-98 pursuant to Government Code section 11343.4(d) (Register 98, No. 1).

Note: Authority cited: Sections 18015 and 18075, Health and Safety Code. Reference: Sections 18035(d) and 18100.5(a), Health and Safety Code.

1. New section filed 12-31-97; operative 1-1-98 pursuant to Government Code section 11343.4(d) (Register 98, No. 1).