93Repossession and restoration

93 Repossession and restoration (1) A holder of a security interest registered under the Personal Property Securities Act 2009 of the Commonwealth in relation to a registered vehicle must lodge with the Secretary a completed application for transfer of registration as the acquirer in the approved application form within 14 days after taking possession of the vehicle from the registered operator. (2) If a person referred to in subregulation (1) subsequently disposes of the vehicle, the person must lodge with the Secretary a further completed application for transfer of registration as the acquirer in the approved application form within 14 days after disposing of the vehicle. (3) An application for transfer of registration under subregulation (2) must be accompanied by the relevant fee specified in Schedule 4.