Tuesday, May 15, 2012

Wisconsin Expanding ELT

The Wisconsin Department of Transportation will be expanding their ELT program beginning July 1, 2012. The ELT program builds on the mandatory electronic lien filing program put in place July 1, 2010. We have been working with Wisconsin providing them input and feedback as they develop the specifications for their new goals.

From the Wisconsin DOT site:

Title to lien holder
Effective July 1, 2012, Wisconsin will become a title to lien holder state. Any title with a lien will be sent to the lien holder rather than the owner. Lien holders can choose to have either paper titles or electronic titles.

If a vehicle has multiple liens, the liens will be listed on titles in date order. The title will be delivered to the lien holder whose loan was listed first; however, each lender will have equal repossession rights to the vehicle. Each lender will continue to receive a Confirmation of Security Interest (Lien) Perfection notice.
Electronic titles
On July 1, 2012, Wisconsin will also become an electronic title state. When a lien is listed against a vehicle, lien holders are encouraged to receive titles electronically via electronic service provider. The advantage to electronic delivery is that, in these cases, Wisconsin would not be issuing a paper title to the lender/financial institution or owner of the vehicle until the lien is satisfied. WisDOT is currently developing methods for the delivery of titles electronically. Please check back within the coming weeks or sign up for our lender mailing list for continuing updates.

Our ELT solution, Premier eTitleLien™, already works well with the WI ELT program. These upcoming changes will help further improve Wisconsin Electronic Lien and Titles.

Image above is 2006 New Beetle cabrio convertible by Nathan Wells.