Section 5585 - How to Report the Release of a Junior Lienholder's Interest(a) Within 20 days of satisfaction of a junior lien, the junior lienholder shall submit an application for registration to the department to report the release of that junior lienholder's security interest, which shall include:(1) The Junior Lienholder Registration Card issued by the department, signed by the junior lienholder on the designated line(s) or in the designated area to release the junior lienholder's interest; or(2) a statement signed under penalty of perjury by the junior lienholder, which contains the following information: (A) the unit(s) identifying information;(B) the registered owner identifying information;(C) the junior lienholder identifying information;(D) why the Junior Lienholder Registration Card could not be submitted;(E) the date of release of the junior lienholder's interest;(F) that the junior lienholder no longer holds a lien in the name of the registered owner;(G) that the lien against the described unit has been fully satisfied; and(H) that the lien has not been assigned to any other party.(3) Payment of the Lien Registration Service fee as specified in subsection 5660(m).Cal. Code Regs. Tit. 25, § 5585
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).