Section 5586 - Reporting the Assignment of Security Interest of the Junior Lienholder(a) Within 20 days of the assignment of interest by a junior lienholder, the assignee shall submit an application for registration to the department to report the assignment, which shall include: (1) The Junior Lienholder Registration Card, completed as follows: (A) the name and address of the new junior lienholder (assignee) on the designated line(s) or in the designated area for the new junior lienholder; and(B) signed by the junior lienholder (assignor) on the designated line(s) or in the designated area for assignment of junior lienholder. Or,(2) A statement, signed under penalty of perjury by the assignor, which includes the following information: (A) the unit(s) identifying information;(B) the registered owner identifying information;(C) the junior lienholder identifying information of the assignor;(D) the junior lienholder identifying information of the assignee;(E) the date of assignment;(F) why the Junior Lienholder Registration Card could not be submitted; and(G) that the junior lien in the name of the assignor has been assigned to the assignee.(3) Payment of the Lien Registration Service Fee as specified in subsection 5660(m).Cal. Code Regs. Tit. 25, § 5586
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 18100.5 and 18105.5, 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).