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
