(1) If an owner creates a security interest in a vehicle, manufactured home or mobile home:

(a) The owner shall immediately execute the application in the space provided therefor on the certificate of title, or on a separate form the State Tax Commission prescribes to name the lienholder on the certificate showing the name and address of the lienholder and the date of his security agreement, and cause the certificate, application and the required fee to be delivered to the lienholder.

(b) The lienholder shall immediately cause the certificate, application and required fee to be mailed or delivered to a county tax collector or a designated agent.

(c) Upon request of the owner or subordinate lienholder, a lienholder in possession of the certificate of title shall either mail or deliver the certificate to the subordinate lienholder for delivery to a county tax collector or a designated agent or, upon receipt from the subordinate lienholder of the owner’s application and the required fee, mail or deliver them to a county tax collector or a designated agent with the certificate. The delivery of the certificate does not affect the rights of the first lienholder under his security agreement.

(d) Upon receipt of the certificate of title, application and the required fee, the State Tax Commission shall either endorse on the certificate or issue a new certificate containing the name and address of the new lienholder, and mail the certificate to the first lienholder named in it.

(2) Information evidencing a bank or lending institution’s lien or other security interest in a motor vehicle’s, manufactured home’s or mobile home’s certificate of title may be transferred by electronic means as provided in Section 63-21-16.