Who will have to participate in the Electronic Lien and Title (ELT) program?
Beginning January 1, 2012 California will require all lenders (legal owners) to begin participating in the ELT program. The CA law mandating the program allows the CA Department of Motor Vehicles (DMV) to specify low-volume lenders as exempt from mandatory participation, but the state has yet to define which lenders (if any) it will consider low-volume.
Does the program apply to out-of-state lenders?
Yes. There is no exemption provided for out-of-state versus California-based lenders.
What types of vehicles are included in the ELT program?
Anything currently titled by the CA DMV. This includes cars, boats, mobile homes, and motorcycles.
If I participate in the ELT program, can I still get a paper title with my lien if I need one?
Yes. The CA ELT program includes an electronic request for a paper title with lien. In fact, a paper title is still required for situations like repossession or the registered owner (borrower) moving out of state.
What is the final deadline for signing up before January 1?
California only brings on new ELT participants quarterly and requires an application to be submitted to be added to the next quarter's list. The last opportunity to submit an application is September 23, 2011 to be activated on December 30, 2011.
Visit our California ELT site for more information.
Image above is Moving Lights by Bahman Farzad.
