(1) If a certificate of title is lost, stolen, destroyed, mutilated, or becomes illegible or if the owner wants to update personal information on the electronic record of title or have a replacement certificate of title issued with updated information, the owner, as shown on the electronic record of title, may apply for and request the department to issue a replacement certificate of title. The application must include satisfactory evidence of the facts requiring the replacement certificate of title and be accompanied by a fee of $10.
(2) The amount of $5 of the fee must be deposited in the state general fund in accordance with 15-1-504, and the remaining $5 must be deposited in the motor vehicle information technology system account provided for in 61-3-550.
(3) Beginning July 1, 2026, the fee for a replacement certificate of title is $5 and the entire fee must be deposited in the state general fund.