Governor Brian Sandoval approved Assembly Bill 309 directing the Nevada DMV to "establish, implement and operate, in lieu of the issuance and maintenance of paper documents otherwise required by this chapter, an electronic lien system to process the notification and release of security interests through electronic batch file transfers". This will mean the creation of an Electronic Lien and Title (ELT) system for Nevada.
The bill also requires almost all lienholders to participate in the ELT program.
Except for persons who are not normally engaged in the business or practice of financing vehicles, all lienholders are required to participate in the electronic lien system.This does not provide exceptions for out of state lenders or lenders who only process a small number of loans. The DMV is not granted authority in the bill to extend exceptions to lenders. The bill does provide for a staggered implementation of the requirement, with lienholders who execute "26 or fewer liens in a calendar year" exempt from the mandatory participation requirement until 24 months after the ELT system is implemented.
The bill requires the DMV to "submit a report on or before February 1, 2015, to the 78th Session of the Legislature concerning the implementation of the electronic lien system." This allows Nevada time to assess their systems and develop a plan.
For details on the Nevada ELT program (as they become available), please visit NVeTitleLien.com.
Image above is Boulder City Nevada - old cars fascinate me by Laura Grace Bordeaux.
