Section 2: Disclosure of certain particulars to the licensing authority

(1) As from the commencement of this Act, any person who purchases a motor vehicle with a loan granted by a bank shall disclose to the licensing authority the particulars of the loan, the name and address of the bank making the loan and such other particulars as may be prescribed:
Provided that where such a person fails or refuses to disclose such particulars within thirty days from the purchase of the motor vehicle the bank may itself supply the particulars concerned to the licensing authority which shall register the latter particulars in substitution for any other entry made in the relevant register.
(2) It shall be the duty of the licensing authority to which the particulars stipulated in subsection (1) of this section are given to cause the particulars or, as the case may require, the substituted particulars to be entered in the appropriate register relating to the motor vehicle and to endorse on the motor vehicle licence the name of the bank making the loan or such endorsement on the motor vehicle licence that clearly shows that a loan is still outstanding on the motor vehicle.
(3) No change of ownership of the motor vehicle shall, prior to the full repayment or settlement of the loan, be registered by the licensing authority without a certificate of discharge or consent in writing issued by the bank offering the loan to purchase the motor vehicle.
(4) Any registration made contrary to the provisions of this section shall be void and shall have no effect whatsoever on the right of ownership or the right to recover possession of the motor vehicle by the bank which had granted the loan for the purchase of such motor vehicle.