I. The department shall file each notice of security interest received by it with the required fee and maintain a record of all notices of security interests filed by it: (a) Alphabetically, under the name of the owner; (b) Under the vehicle identification number; and (c) In the discretion of the director, by any other method he determines. II. The department need not maintain, in the record provided for in paragraph I, any reference to a security interest in a previously registered vehicle after the department files a notice of release of the security interest or issues a certificate of title of the vehicle containing the name of the lienholder. III. The department, before issuing or reissuing a certificate of title, shall check the name of the owner and the vehicle identification number against the record provided for in paragraph I.
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