As we anticipate Florida's ELT program becoming mandatory, I thought it might be helpful to answer a few questions for lenders.
How will ELT change what we do today?
The primary change is that you will no longer receive a paper title. (There is a long list of reasons why this is good.) The forms you use today ("Application for Certificate of Title With/Without Registration" (FL 82040) and the "Application for Notice of Lien / Reassignment of Lien" (FL 82139)) and the fees and documentation required for the forms do not change.
How do I release an ELT lien?
All electronic liens must be released (satisfied) electronically. Florida provides this instruction to vehicle owners:
A title has an electronic lien, but the owner brings in a lien satisfaction from the lienholder. Can a paper title be printed for the $10 fast title fee at a Tax Collector's Office?
No. The ELT lienholder must satisfy the lien electronically.
How long will it take the DMV to print a title when a "release" is issued?
Florida normally does not print titles, preferring to leave them as electronic titles. Premier eTitleLien™ offers lenders the ability to request that a printed title be sent to the owner, they may leave it up to the owner to request a printed copy when needed. Once requested, titles "are generally mailed within two (2) days of receipt of the request."
What is required (technology-wise) for a lender to participate?
An ELT provider (such as DDI) will provide all necessary software for the lender. DDI's solution is Premier eTitleLien™, a web-based application that does not require any special installation.
Image above is Technology Quilt from the South Florida Fair 2011 by t.bosky.