New York Codes, Rules and Regulations › Title 15 - Department of Motor Vehicles › Chapter I - REGULATIONS OF THE COMMISSIONER › Subchapter B - Registration, Certificate of Title, and Number Plates › Part 20 - Certificate Of Title › Security Interests › Section 20.15 - Recording of security interests

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Vehicles sold by a dealer registered
					 under section 415  of the Vehicle and Traffic Law. If a
					 lender desires to have a lien recorded, he must notify the dealer of such fact
					 and the dealer must list such lienholder on the application for registration or
					 title (Form MV-82T) as directed on that form, and he must also list the total
					 number of such liens on the certificate of sale (Form MV-50) for that vehicle
					 in accordance with the regulations of the commissioner governing dealers. The
					 fee for recording such security interests must be paid by the lender. However,
					 if a dealer has completed and filed with the Department of Motor Vehicles an
					 application for registration or title of a vehicle and, within 10 days
					 thereafter, the dealer receives the appropriate filing fees and notification of
					 the desire of the lender to have his lien recorded, the dealer shall, within 24
					 hours of such receipt, prepare and submit a notice of lien (Form MV-900)
					 properly completed, to the Title Bureau, Department of Motor Vehicles, South
					 Mall, Albany, NY 12228, together with the appropriate recording fees and the
					 dealer shall sign his name on behalf of the lien holder in the space provided
					 on the notice of lien (Form MV-900) for the lien holder' s signature and shall
					 state on such form, the date when the application for registration or title was
					 filed with the Department of Motor Vehicles.
(b) Recording liens other than those
					 specified in subdivision (a) of this section.
(1) Security interests in a vehicle which is
					 not titled in New York in the name of the borrower. In order to perfect a
					 security interest in such case, the lender must submit a notice of lien (Form
					 MV-900) properly completed to the Title Bureau, Department of Motor Vehicles,
					 South Mall, Albany, NY 12228, together with the appropriate recording fees
					 which must be paid by the lender. If a notice of lien is received by the title
					 bureau after the certificate of title has been issued, the notice of lien will
					 be returned to the lender and the procedures specified in paragraph (2) of this
					 subdivision must be followed to record a lien.
(2) Security interests in a vehicle which is
					 titled in New York in the name of the borrower. In order to perfect a security
					 interest in such vehicle, the lender must submit a notice of lien (Form MV-900)
					 properly completed, together with the certificate of title which has been
					 issued to the borrower to the Title Bureau, Department of Motor Vehicles, South
					 Mall, Albany, NY 12228, together with the appropriate recording fee which must
					 be paid by the lender. If a notice of lien for such vehicle is received without
					 the certificate of title, the security interest will not be recorded and the
					 notice of lien will be returned to the lender.