As we continue meeting with lenders in Louisiana explaining the "new" (not really) now mandatory (really really) electronic liens and titles program, we usually get the same questions (which is why we're explaining). :)
One question I haven't heard that I wanted clarification on was "Who is required to participate in ELT?" or more precisely, "Is anyone allowed to not participate?"
Most of La. R.S. 32:707.2 uses the phrase "bank, finance company, lending institution, or other lender" as in
Each bank, finance company, lending institution, or other lender shall designate a public tag agent with which such bank, finance company, lending institution, or other lender shall interface its computer system for the purpose of receiving electronic confirmation from the department...
The only deviation from this language is
The department is hereby authorized to promulgate rules and regulations in accordance with the Administrative Procedure Act, to provide for certain limited exceptions to the electronic recordation requirements set forth by this Section, for individuals and lienholders that are not normally engaged in the business or practice of financing vehicles. [emphasis mine]
There does not seem to be an exception for certain kinds of lenders, volume of vehicle loans, or for out-of-state lenders. The only exception is for lienholders (individuals or businesses) who are not lenders.
Image from who-is-awesome.com
