Victorian Numbered Regulations Victorian Numbered Regulations(1) A holder of a security interest in a registered vehicle must notify the Corporation in the approved form not more than 14 days after taking possession of the vehicle from the registered operator.
Penalty: 5 penalty units.
(2) A holder of a security interest in a registered vehicle must notify the Corporation in the approved form not more than 14 days after parting with possession of the vehicle where the vehicle has been taken from the registered operator (including returning possession to the registered operator).
Penalty: 5 penalty units.
(3) A person to whom subregulation (2) applies who parts with possession of the vehicle must apply for transfer of registration of the vehicle.
(4) An application under subregulation (3) must be—
(a) in the approved form; and
(b) accompanied by the relevant fee specified in Schedule 5.