Current through Register Vol. 63, No. 9, September 1, 2024
(1) An
application for notation of security interest for purposes of perfection of a
security interest in a vehicle, hereafter referred to as an "application for
security interest" is:
(a) A completed and
signed DMV application for Oregon title submitted to DMV;
(b) A letter, a memo, or other written form;
or
(c) A transitional ownership
document (TOD) submitted to DMV as provided in ORS
801.562, OAR
735-020-0015, and
735-020-0040 through
735-020-0045.
(2) An application for security
interest must include the following:
(a) If
submitted on an application for Oregon title as described in subsection (1)(a)
of this rule:
(A) The name of each owner of
the vehicle;
(B) The name and
address of the security interest holder; and
(C) The vehicle identification number
(VIN).
(b) If the
application for security interest is a TOD as described in subsection (1)(c) of
this rule, the TOD must comply with all applicable provisions of ORS
801.562, OAR
735-020-0015,
735-020-0040 and
735-020-0045.
(3) If the application for
security interest is submitted on an application for Oregon title, the
application must be accompanied by a primary ownership document unless DMV is
in possession of the primary ownership document or the primary ownership
document will be submitted separately, and the applicant provides the following
information:
(a) A description of the
vehicle, including VIN number, sufficient to connect the application for
security interest and the primary ownership document;
(b) A statement that the primary ownership
document is in the possession of DMV or will be submitted to DMV separate from
the application for security interest;
(c) The date the primary ownership document
was submitted or will be submitted to DMV; and
(d) If DMV has possession of the primary
ownership document, the DMV office where it was submitted. If the primary
ownership document will be submitted at a later date, it must be mailed to DMV
Headquarters, 1905 Lana Avenue NE, Salem, OR 97314 or submitted to an EVR
integrator.
(4) If an
application for security interest is a TOD, the provisions of ORS
801.562, OAR
735-020-0015,
735-020-0030, and
735-020-0040 through
735-020-0045 will determine when
and if security interest is perfected.
(5) When the notation application is in any
form other than a TOD, the date DMV or an EVR integrator has both an
application for security interest that meets the requirements of this rule and
the primary ownership document will determine when all requirements for
perfection have been met:
(a) Except as
provided in subsection (c) of this section, when the application for security
interest and primary ownership document are submitted separately, the date when
both the application and the primary ownership document are in the possession
of DMV or the EVR integrator will determine the date the application for
security interest is first received;
(b) When an application for security interest
is accepted by an agent of DMV, the date the application is first received will
be the date DMV or an EVR integrator and not the agent, receives both the
application and primary ownership document; and
(c) If the application for security interest
does not contain the information required under subsection (2)(a) of this rule,
or if the application or primary ownership document is returned to the
applicant or agent by DMV or an EVR integrator, the date marked on the
application or entered in the DMV vehicle record as the date it was first
received, is not the date of perfection of the security interest. The DMV
vehicle record will indicate the date when all requirements for notation of a
security interest are again received by DMV or an EVR integrator.
(6) For purposes of perfecting a
security interest in a vehicle, when DMV or an EVR integrator first receives an
application for security interest as set forth in section (5) of this rule:
(a) The date will be marked on the
application for security interest; or
(b) DMV will indicate in the vehicle record
the date the application for security interest was first received by
DMV.
(7) DMV will only
change a date described under section (5) of this rule if DMV determines the
date marked on the application or recorded in the DMV vehicle record does not
accurately reflect the date the application for security interest was first
received by DMV or the EVR integrator.
Stat. Auth.: ORS
184.616,
184.619,
802.600 &
803.097
Stats. Implemented: ORS
801.402,
801.465,
801.562,
802.600,
803.097 &
803.130 -
803.138
