(1) Any person who has a charge on any motor vehicle or trailer, either under an instrument of security or, under this Act may apply to the Licensing Authority to have the charge endorsed on the Register.
(2) The endorsement shall include —
(a) the name and address of the creditor of the charge;
(b) the particulars of the source of the charge including the registration number and date of the instrument of security, or, the section of this Act under which the charge is created;
(c) the amount of the debt; and
(d) any other information that the Licensing Authority considers relevant.
(3) The Licensing Authority shall cancel the endorsement upon receipt of proof that satisfies the Licensing Authority that payment has been effected.
(4) Failure to endorse a charge under this section does not affect the validity or enforceability of the charge.