Electronic Lien System Processing Fees:
Lender is required by law to participate in an electronic lien system to process the notification, release and maintenance of security interests and certificates of title data where a lien is notated. Lender incurs a fee of $3.50 each time any action is taken related to the certificate of title for a motor vehicle pledged as security for a loan and incurs an additional fee each time the certificate of title upon which it holds a lien is notated in any way. Lender is allowed by law to charge Borrower the $3.50 fee and up to $3.00 (but not more than its actual cost if less than $3.00) for the fee related for notification of a notation on the certificate of title.
If at any time Borrower takes any action resulting in a notation on a any certificate of title related to this loan contract, Borrower will be charged the fees set forth above said amount will be added to the amount owed by Borrower and shall bear interest at the contract rate.