1. Whenever a security interest is created in a manufactured home, mobile home, manufactured building or commercial coach, the certificate of title must be delivered to the Division with a statement signed by the debtor showing the date of the security agreement, the names and addresses of the debtor and the secured party.
2. The Division shall issue to the secured party a certificate of title with the name and address of the secured party and the name and address of the registered owner noted on it. If the security interest is subsequently acquired by another person, or if there is a change in the name or address of the secured party, the secured party shall apply to the Division for a corrected certificate of title.
3. When the contract or terms of the security agreement have been fully performed, the seller or other secured party who holds the certificate of title shall deliver the certificate to the person legally entitled to it with proper evidence of the termination or release of the security interest.