Cal. Code Regs. tit. 25 § 5590

Current through Register 2024 Notice Reg. No. 50, December 13, 2024

Section 5590 - How to Report a New Unit Repossessed from a Dealer's Inventory

(a) Within 20 calendar days after repossession of a new unit from a dealers inventory, the repossessing creditor shall submit an application for registration to the department which shall include:

(1) A statement signed under penalty of perjury by the repossessing creditor which shall include:

(A) the unit identifying information;

(B) the name and address of the repossessing creditor;

(C) the date of the security agreement;

(D) the name and address of the defaulting party;

(E) the name and address of the public or private sale buyer;

(F) the date of sale to the public or private sale buyer; and

(G) that the described unit has been repossessed and the collateral disposed of in accordance with the provisions of the security agreement or conditional sale contract, applicable law, and Division 9 (commencing with section 9101) of the Commercial Code.

(2) Form HCD 483.0, Manufacturer's Certificate of Origin, version dated 7/97, signed on side two in the space designated for the "Release of Security Interest" by the same inventory creditor or lienholder shown on side one as the "Inventory Creditor."

(3) The security agreement, as defined in subdivision (l) of Section 9105 of the Commercial Code, if the repossessing creditor is not shown on the form HCD 483.0 (MCO) as the inventory creditor of the unit.

(4) A registration information document, as specified in Section 5541, completed and signed by:

(A) the repossessing creditor; or

(B) the public or private sale buyer identified in the repossessing creditor's statement required by (a)(1)(E), above.

(5) Payment of:

(A) the Foreclosure/Repossession Fee specified in subsection 5660(d);

(B) the Foreclosure/Repossession Penalty, if required, specified in subsection 5660(e);

(C) the Lien Registration Service Fee specified in subsection 5660(m) for any lienholder added to the title record;

(D) use tax, if any party other than the repossessing creditor is reported as the new registered owner, as required by section 5667; and

(E) the Manufactured Home Recovery Fund Fee as specified in subsection 5660(s);

(F) all fees and penalties due and payable pursuant to Sections 18114, 18114.1, 18115, and 18116 of the Health and Safety Code.

Cal. Code Regs. Tit. 25, § 5590

1. New article 9 (sections 5590-5597) and section filed 12-31-97; operative 1-1-98 pursuant to Government Code section 11343.4(d) (Register 98, No. 1).
2. New subsection (a)(5)(E), relettering and amendment of former subsection (a)(5)(E) to new subsection (a)(5)(F), and incorporation and amendment of former subsections (a)(5)(E)1.-5. into new subsection (a)(5)(F) filed 4-1-98; operative 4-1-98 pursuant to Government Code section 11343.4(d) (Register 98, No. 14).

Note: Authority cited: Sections 18015 and 18075, Health and Safety Code. Reference: Sections 18037.5, 18070.1(c), 18100.5(d), 18114, 18114.1, 18115 and 18116, Health and Safety Code.