(1) If data is lost transmitting an application for a certificate of title and accompanying documentation, which may be transmitted by the authorized agent to the director and upon an appropriate application of the owner or other person entitled to such certificate of title, such certificate of title may be reissued or recorded bearing such notations respecting existing unreleased mortgages or liens on the vehicle as indicated by the director's or authorized agent's records. Such certificate of title shall be issued without charge. (2) If the title owner, lienholder, or mortgagee of a certificate of title loses, misplaces, or accidentally destroys a certificate of title to a motor or off-highway vehicle that the person holds as described in the certificate of title, upon application, the director or the authorized agent may issue a duplicate copy of the recorded certificate of title as in other cases. (3) (a) Upon the issuance of a copy of the recorded certificate of title as provided for in this section, the director or the authorized agent shall note on the copy every mortgage shown to be unreleased and the lien that is in effect as disclosed by the records of the director or authorized agent and shall dispose of such certificate as in other cases. (b) Upon the payment or discharge of the debt secured by a mortgage on a motor vehicle that has been filed for record in the manner prescribed in section 42-6-121, the lienholder shall notify the authorized agent of the satisfaction and release of the mortgage, setting forth any facts concerning the right of the holder to release the mortgage as the director may require. The satisfaction and release shall be affirmed by a statement signed by the lienholder noted in the certificate of title and shall contain or be accompanied by a written declaration that it is made under the penalties of perjury in the second degree, as defined in section 18-8-503, C.R.S. Upon receiving a valid satisfaction and release, the director or authorized agent shall note the release of the lien and shall issue a certificate of title for the motor vehicle, omitting all reference to the mortgage.
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