(a) On the day that a county assessor-collector issues a title receipt, a copy of the title receipt and all evidence of title shall be submitted to the department in the period specified in § 501.023(b).
(b) Not later than the fifth day after the date the department receives an application for a title and the department determines the requirements of this chapter are met:
(1) the title shall be issued to the first lienholder or to the applicant if a lien is not disclosed on the application; or
(2) the department shall notify the applicant that the department’s titling system has established a record of title of the motor vehicle in the applicant’s name if a lien is not disclosed. If a lien is disclosed on the application, the department shall notify the lienholder that the lien has been recorded.