(a) If a written certificate of title is lost, stolen, mutilated, destroyed or otherwise becomes unavailable or illegible, the secured party of record or, if no secured party is indicated in the Department of Motor Vehicle’s files, the owner of record may apply for and, by furnishing information satisfactory to the department, obtain a replacement certificate of title in the name of the owner of record.

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(b) An applicant for a replacement certificate of title shall sign the application and, except as otherwise permitted by the department, the application shall comply with section 15-207. The application shall include the existing certificate of title unless the certificate of title is lost, stolen, mutilated, destroyed or otherwise unavailable.

(c) A replacement certificate of title created by the department shall comply with section 15-209 and indicate on the face of the certificate of title that it is a replacement certificate of title.

(d) If a person receiving a replacement certificate of title subsequently obtains possession of the original written certificate of title, the person promptly shall destroy the original certificate of title.