Thursday, April 12, 2012

GA ELT: Mandating Legislation

On 3/29/2012 the Georgia House and Senate passed legislation (and sent it to the Governor on 4/10) requiring participation in their ELT program. The legislation (changed language is in bold italics):

Code Section 40-3-26 of the Official Code of Georgia Annotated, relating to delivery of certificate, notice to junior security interest holders and lienholders, and disposition of certificate when first lien or security interest satisfied, is amended by revising paragraph (2) of subsection (a) as follows: "(2) The commissioner may enter into agreements with any such security interest holder or lienholder to provide a means of delivery by secure electronic measures of a notice of the recording of such security interest or lien. On or after January 1, 2013, the commissioner shall require that security interest holders and lienholders receive notice of recordings of security interests and liens electronically. Such requirement may be phased in based on criteria designated by the commissioner through duly adopted rules and regulations. Such security interest or lien shall remain on the official records of the department until such time as the security interest or lien is released by secure electronic measures or affidavit of lien or security interest release; after which release, or at the request of the lienholder or security interest holder, the certificate of title may be printed and mailed or delivered to the next lienholder or security interest holder or as otherwise provided by paragraph (1) of this subsection without payment of any fee provided by Code Section 40-3-38."

Image above is "New Cars" by JannaR.