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