(1) A transitional ownership record:

(a) Enables a security interest in a motor vehicle to be perfected in a timely manner when the certificate of title is not available at the time the security interest is created;

(b) Provides for timely notification to security interest holders under chapter 46.55 RCW; and

(c) Is only acceptable as an ownership record for motor vehicles currently stored on the department's computer system and if the certificate of title or other authorized proof of ownership for the motor vehicle is not in the possession of the selling vehicle dealer or new security interest holder when the transitional ownership record is submitted to the department.

(2) A person shall submit the transitional ownership record to the department or to the county auditor or other agents or subagents.

(3) A transitional ownership record must contain all of the following information:

(a) The date of sale;

(b) The name and address of each owner of the vehicle;

(c) The name and address of each security interest holder;

(d) The priorities of interest if there are multiple security interest holders and the security interest holders do not jointly hold a single security interest;

(e) The vehicle identification number, the license plate number, if any, the year, make, and model of the vehicle;

(f) The name of the selling dealer or security interest holder who is submitting the transitional ownership record; and

(g) The transferee's driver's license number, if available.

(4) The report of sale form provided or approved by the department under RCW 46.12.650 may be used by a vehicle dealer as the transitional ownership record.

(5) A security interest is perfected in a motor vehicle on the date the department receives the transitional ownership record when:

(a) The requirements of this section have been met; and

(b) Any required fees have been paid.

(6)(a) The selling dealer or new security interest holder shall submit to the department, within ten days of receipt of the certificate of title for the vehicle, written confirmation that only an electronic record of ownership exists or that the certificate of title has been lost or destroyed with:

(i) An application for a new certificate of title containing the name and address of the secured party; and

(ii) Payment of the required fees as provided in RCW 46.17.060.

(b) A security interest becomes unperfected when a secured party fails to submit an application for a certificate of title within the ten-day time period provided in this subsection (6), unless the security interest is perfected otherwise.

Effective date—Intent—Legislation to reconcile chapter 161, Laws of 2010 and other amendments made during the 2010 legislative session—2010 c 161: See notes following RCW 46.04.013.

Effective date—2000 c 250: See RCW 62A.9A-701.

Finding—1998 c 203: See note following RCW 46.55.105.