The Department of Transportation shall reject, return or subsequently invalidate a transitional ownership record if:

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(1) More than 30 days have elapsed between the date of sale or if no sale is involved, the date the contract or security interest being perfected was signed and the date the transitional ownership record is received by the department;

(2) The transitional ownership record does not contain all of the information specified in ORS § 801.562;

(3) It is determined that persons named on the transitional ownership record as having a security interest did not have a security interest on the date the transitional ownership record was received;

(4) It is determined the person who submitted the transitional ownership record made false statements in completing the transitional ownership record;

(5) The department does not receive the primary ownership record within 90 days from the date of sale or if no sale is involved, from the date the security agreement or contract was signed;

(6) The security interest holder or person submitting the transitional ownership record elects to retain it, requests it be returned or requests that the transitional ownership record be withdrawn; or

(7) The information on or in the transitional ownership record has been changed or altered in a manner that is not acceptable to the department. [1989 c.927 § 9; 1993 c.233 § 44; 1995 c.309 § 2; 1999 c.818 § 2; 2005 c.261 § 2]