A. Release the certificate of title, certificate of salvage or certificate of lien to the subordinate lienholder if one is named;

B. If the lien was satisfied in conjunction with the sale of the vehicle and there is no subordinate lienholder, release and deliver the certificate of title, certificate of salvage or certificate of lien to the owner or to a person who delivers to the lienholder an authorization from the owner to receive the certificate; or

C. Deliver the certificate to the owner and notify the Secretary of State that the lien has been satisfied.

Sec. 3. 29-A MRSA §705, sub-§4, as enacted by PL 2001, c. 671, §16, is amended to read:

4. Remedies. The remedies set forth in this section are in addition to those set forth in section 668.

A. The owner and subordinate lienholder, if any, may recover $500 $1,000 in each case from a lienholder who fails to release and deliver the security interest within 14 days after demand of receipt of funds intended to satisfy the security interest of the lienholder under this section, unless, within the 14-day time period, the lienholder notifies the owner that satisfaction of the security interest is in dispute.

B. If a lienholder fails to release and deliver the security interest within 14 days after demand under this section and has not notified the owner that satisfaction of the security interest is in dispute, the Secretary of State may revoke the certificate of title, certificate of lien or certificate of salvage and issue a replacement certificate omitting the security interest upon receipt of a statement by the owner that 14 days have elapsed since demand for release of the security interest was made and the owner has not been notified by the lienholder that satisfaction of the security interest is in dispute. Submission of a false statement to the Secretary of State under this subsection is a Class E crime.