MOTOR VEHICLES AND TRAFFIC Certificates of Title, Security Interests, and Liens: Amend Provision Relating to Perfection of Security Interests in Motor Vehicles Generally; Provide for Perfection of Delivery of Notice

The Act provides that a person or business may perfect a security interest in a motor vehicle by presenting the required fee and (1) the existing title and an application for title containing the name and address of the holder of a security interest or (2) a notice of security interest on forms prescribed by the county tax commissioner. Further, the Act provides that the security interest is perfected at the time of its creation if the delivery of the application or notice to the commissioner or local tag agent is completed within twenty days thereafter. The Act provides that the security interest is perfected regardless of any subsequent rejection of the application or notice of errors