(a) Notwithstanding any other provision of this title, the Administration may develop and implement an electronic system for the issuance of certificates of title and shall develop and implement an electronic system for the recording and releasing of security interests.

(b) The electronic system:

(1) May provide for recording titling and registration data without the issuance of a certificate of title; and

(2) Shall provide for recording and releasing liens without the issuance of a security interest filing.

(c) The electronic system may provide for the electronic transmission of:

(1) Vehicle data to and from service providers, as defined in § 13-610 of this title; and

(2) Publicly available electronic vehicle records.

(d) (1) This subsection does not apply to a lienholder that is not regularly engaged in the business or practice of financing motor vehicles.

(2) A motor vehicle lienholder shall file electronically with the Administration:

(i) Each of its liens; and

(ii) When a lien is paid in full, the lien release.

(e) The Administration shall adopt regulations to govern the electronic transmission of records as authorized or required under this section.