Tuesday, November 27, 2012

Georgia mandatory ELT: a closer look

In the 2012 legislative year, the Georgia General Assembly approved HB 865, a bill that requires banks, credit unions, dealers and other financial institutions—security interest and lien holders—receive notice about motor vehicle liens electronically.
Please note that deadlines for mandatory enrollment in an electronic title and lien program, such as Decision Dynamics' Premier eTitle Lien™, vary depending on the number of security interests or liens lenders hold.

Mandatory ELT deadlines
·         Lenders with 500 or more security interests or liens on Georgia certificates in the 2012 calendar year must participate in ELT by
January 1, 2013.
·         Lenders with 200 or more security interests or liens in the same calendar year must participate by July 1, 2013.
·         Lenders with five or more security interests or liens on Georgia certificates of title in the immediately prior calendar year or the same calendar year participate by January 1, 2014.
While electronic title and lien systems may be new to some security interest and lien holders, the GeorgiaDepartment of Revenue Motor Vehicle Division implemented an electronic liens and titles program in 2008. The program saves taxpayers and lien holders money by cutting associated paper, storage and mailing costs. It also reduces title fraud.
For more information, visit etitlelien.com

Tuesday, November 6, 2012

South Dakota ELT Webinar

In order to provide the highest quality service, Decision Dynamics, Inc. (DDI) takes time to thoroughly educate and inform customers about its electronic lien and title (ELT) software, Premier eTitle Lien™. To educate its South Dakotra customers, DDI will conduct a Premier eTitle Lien™ webinar for the South Dakota Independent Bankers Association (SDIBA) today.
During this WebEx webinar, bankers will see Premier eTitle Lien™ in action and learn more about ways in which ELT use can benefit them. Although ELT use is not mandatory in South Dakota, the state implemented its own ELT system on Oct. 1 this year and stopped printing paper titles with liens.
To learn more about the benefits of Premier eTitle Lien™ and DDI, visit etitlelien.com.
Image above is of Mt Rushmore

Monday, November 5, 2012

Florida approves mandatory use of Electronic Lien and Title (ELT)

The Florida Legislature unanimously approved HB 1223, a bill that requires the Florida Department of Highway Safety and Motor Vehicles electronically transmit vehicle liens and titles to lien holders through its ELT program beginning in 2013.

The money-saving measure will continue to streamline and simplify the state’s electronic titling process. Not only will the bill save taxpayer money by cutting associated paper, storage and mailing costs, but the mandatory shift to electronic titles will also reduce title fraud.

Individuals and lien holders that do not finance vehicles are exempt from participation. However, the bill requires all other lien holders participate by submitting liens and lien satisfactions in the prescribed electronic format. Likewise, the DHSMV will electronically send liens to the first lien holders and notify the holders of additional liens on motor vehicles, mobile homes or vessels.

DDI is already working with Florida banks, credit unions, and other financial institutions to ensure they are ready when the mandatory program begins. 

image is of the Florida State Flag