Md. Code Regs. 11.15.14.07

Current through Register Vol. 51, No. 25, December 13, 2024

Section 11.15.14.07 - Vehicles Being Titled Because of Repossessions

A. An applicant for a certificate of title for a vehicle which has been repossessed shall provide the Administration with:

(1) A Notice of Security Interest Filing form;

(2) An out-of-State title or other ownership document acceptable to the Administration;

(3) A certification of repossession;

(4) An assignment of ownership or bill of sale;

(5) An odometer disclosure certification as required by COMAR 11.13.06;

(6) A condition report; and

(7) An application for a certificate of title.

B. The Administration shall refuse to issue a certificate of title if the:

(1) Required documents are not furnished or information is incomplete;

(2) Lien holder was a dealer or someone other than a bona fide lending institution and a clear copy of the lien contract is not furnished;

(3) Lien holder was not holding first position and a previous lien holder has not been released;

(4) Vehicle was not titled in the debtor's name and the lien holder cannot furnish a copy of the contract;

(5) Vehicle is titled in Maryland, but the security interest has not been perfected and the applicant cannot furnish a copy of a contract;

(6) Applicant is not the secured party shown on the title and cannot furnish an assignment of lien;

(7) Applicant is a dealer but the lien contract does not state that the dealer has full recourse for the secured party named in the contract;

(8) Vehicle was titled out of State and the forms required by that state for repossession have not been furnished; or

(9) Lien contract does not contain:

(a) The signature of all vehicle owners,

(b) A full description of the vehicle, and

(c) A notation of the security interest.

Md. Code Regs. 11.15.14.07

Regulations .07 amended effective 42:25 Md. R. 1545, eff.12/21/2015