761—400.8(321) Release form for cancellation of security interest.
	400.8(1) A secured party may use a form prescribed by the department to note the cancellation of a security interest.
	400.8(2) The secured party may also note the cancellation in a statement written on the secured party’s letterhead if the statement is notarized and contains the following information: county that issued the title; title number; security interest number; vehicle identification number; vehicle owner’s name; secured party’s name, street address, city, state and ZIP code; date the security interest was canceled; and signature of an authorized representative of the secured party.
	400.8(3) The secured party shall forward the original cancellation form or statement to the department or to the county treasurer of the county where the title was issued. Facsimiles and photocopies are not acceptable.
	400.8(4) The secured party shall note the cancellation on the face of the title, attach a copy of the release form to the title as evidence of cancellation, and forward the title to the next secured party or, if there is no other secured party, to the person designated by the owner or, if there is no person designated, to the owner.
This rule is intended to implement Iowa Code section 321.50.
[ARC 4343C, IAB 3/13/19, effective 4/17/19]