Louisiana House Bill 470 (search for it) has passed the house and is now before the LA Senate. The bill specifically allows for an expedited title process (eliminating the need to wait on a title to be mailed from the OMV) and reduces the cost of converting a title from paper to an electronic title. These would mean significant improvements to the Louisiana Electronic Lien and Title (ELT) program.
Decision Dynamics, Inc. participates in a group of lenders to promote positive changes to state titling program. As a group, we drafted a letter of support for the bill:
As a lender writing consumer auto loans and leases in the State of Louisiana, we’d like to express our support for House Bill 470 which was recently referred to the Committee on Transportation, Highways and Public Works.
While we are very supportive of Louisiana’s Electronic Lien and Title program, there are many reasons why the lienholder needs rapid access to a paper title, including repossession, bankruptcy or other legal situations. Additionally, we find that in order to adequately support a consumer moving to another state, a paper title is required. As you can image, changing their title and registration is often the last thing a consumer considers during their relocation, so obtaining their title often becomes an emergency situation.
We also support the reduction of the cost associated with the conversion of a paper title to an electronic title. The current $26 cost makes it unreasonable for a lender receiving a paper title rather than an e-title to convert that paper title. From an efficiency standpoint, a consistent process for managing titles benefits us as lienholder as well as the consumer and the state.
Image above is Members of the Louisiana State University Tigers Cheerleaders cheer for the crowd before playing the University of Louisiana-Lafatette Ragin' Cajuns at Tiger Stadium on September 19, 2009 in Baton Rouge, Louisiana. by Chris Graythen/Getty Images North America.
