We received some feedback from a California credit union today regarding the mandatory California ELT program. The officer at the CU said they called the CA DMV and were told they would not be required to process ELTs when the deadline is implemented in January...they can continue to do paper.
Not wanting to provide misleading information, we double-checked with our DMV contact. Their response:
Oh wow!! This is completely not true. They will have to enroll in the ELT program in order to conduct business on California Titled Vehicles.
Please note that the enrollment process for California is staggered; new participants are brought on once a quarter. You must meet their application dates in order to be scheduled for the next live date.
One implication that worries us: if a lender does not apply to join the program before the mandatory participation period begins on January 1, 2013, the next opportunity to place a lien on a title in California will not occur until July 2013.
2012 Implementation schedule for joining California's ELT program:
| Quarter | Due date for applications | Due date for contracts | Implementation |
|---|---|---|---|
| 1st | December 13, 2011 | December 27, 2011 | March 30, 2012 |
| 2nd | March 13, 2012 | March 27, 2012 | July 2, 2012 |
| 3rd | June 12, 2012 | June 26, 2012 | October 1, 2012 |
| 4th | September 11, 2012 | September 25, 2012 | December 31, 2012 |
Full instructions for signing up for the program are posted on our website at http://www.etitlelien.com/eltCA.aspx.
Image above is Wizardry -- Mount Diablo Summit, California (HDR) by Reno Moeller.
