July 23, 2013 - Raleigh, NC
North Carolina Governor Pat McCrory signed legislation requiring the NC Department of Transportation Division of Motor Vehicles to implement an "electronic lien system to process the notification and release of security interests and certificate of title data." The bill includes a deadline that the new Electronic Lien and Title (ELT) system be implemented by July 1, 2014.
The bill clarifies the legal status of an electronic title for odometer disclosure compliance as well as any legal evidence for the existence of a lien. It also grants the DMV options for developing or contracting the new system. The DMV is required to report progress to the legislative oversight committee by October 1, 2013.
Participation in the program will be mandatory beginning July 1, 2015. All individuals and lenders who normally finance motor vehicles will be required to participate in the NC ELT program. The only exception is for those who perform less than five transactions each year.
DDI will post updates to our North Carolina Electronic Lien and Title site at NCELT.com.