(1) With respect to a vehicle previously titled in the name of its debtor, the secured party shall, within thirty (30) days after execution of the security agreement, submit a title lien statement in accordance with KRS 186A.195.
(2) For failure to present the title lien statement within the time prescribed by subsection (1) of this section, the secured party shall pay a penalty of two dollars ($2) to the county clerk as a prerequisite for noting the security interest on the title.
(3) The county clerk shall enter the information required by KRS 186A.190(9) into the system of record established under KRS 186A.195, enabling the cabinet to record the lien in the system of record and produce a title.