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

Happy Thanksgiving!

 

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

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

South Carolina: SC Bankers Association and ELT

DDI representatives (not me, unfortunately) will be attending the 2012 South Carolina Bankers Association (SCBA) Annual Convention and Trade Show in Sea Island, GA on June 10-13. As SCBA associate members and preferred vendors, we will be promoting the SC Electronic Lien and Title program as well as answering any questions about the future of ELT in SC and across the country.

Legislation has been proposed now in three different sessions (2010-2012) that would require lenders to participate in the ELT program. Although yet to be approved by the legislature, we understand that the DMV is interested in the cost-saving measures that a mandatory program would allow.

DDI has worked closely with the SCBA since 2006 when we worked with SC lenders to develop our ELT system, Premier eTitleLien™. Because of that partnership, we were privileged to work with the SC DMV to develop their ELT program. Those initial partnerships with lenders like the South Carolina banks are still some of the most valuable sources of input, even as we have expanded our product to a solution for all ELT states and non-ELT states and territories.

Image above is from The Georgia Sea Island Singers.

Virginia ELT

I've provided some updates to our Virginia ELT site: VAeTitleLien.com including an updated FAQ page and some history about the ELT program in Virginia which I found interesting. (Doesn't everyone think ELT history is interesting?)

Cheers!

Image above is "kaleidoscope car" of a Chevrolet Stylemaster in Virginia by Ariel.

Meeting with California Credit Unions

Earlier this month DDI travelled to California to visit with the Credit Union Bay Area Executive Coalition (CUBAEC). Over 20 California credit unions attended the event to learn about the mandatory California ELT program that requires participation from credit unions and other lenders by January 1, 2013. (Note, though, that the last sign up date is September 11, 2012.)

Jessica Shand shared briefly about the features of the California ELT program, how they are implemented in our ELT solution, Premier eTitleLien™, and the extra features we incorporate that would be of value to CA credit unions.

Jessica also shared about the national trends with ELT, as more states are implementing ELT programs (South Dakota, Maryland, Indiana, and Iowa all have plans to implement ELT in 2012) and requiring participation either directly (in addition to California, Florida and Georgia will both be requiring participation on January 1, 2013) or indirectly (South Dakota will stop printing titles with liens when their program goes live later this year).

Jessica concluded by discussing how customer service is very important to us and the various ways we try to make things simple and effective for our customers from the contract to training to ongoing assistance with any kind of lien or title issue.

We look forward to working with more California credit unions and other lenders.

Image above is from Golden Gate Bridge marks 75 years since opening against steep odds.