After a mortgage on a motor or off-highway vehicle has been filed in the authorized agent's office, the authorized agent shall mail, deliver, or electronically transfer to the director the certificate of title or other evidence of ownership satisfactory to the director as specified in rules adopted under section 42-6-104 that the authorized agent has filed in the record. The director shall maintain completed electronic records transferred by the authorized agent. The director shall issue a new certificate of title containing, in addition to the other matters required to be set forth in certificates of title, a description of the mortgage and all information respecting the mortgage and the filing of the mortgage that appear in the certificate of the authorized agent, and the director or the director's authorized agent shall then dispose of the new certificate of title containing the notation as provided in section 42-6- 124. When a motor or off-highway vehicle is subject to an electronic mortgage or lien, the certificate of title for the motor or off-highway vehicle is considered to be physically held by the mortgagee or lienholder for all legal purposes, including compliance with state or federal odometer disclosure requirements.
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