A list of approved providers is now available to credit unions and other lenders that finance Florida-titled vehicles to link up to the state’s electronic lien and title program.
Lenders must be connected by Jan. 1.
According to Florida’s Department of Highway Safety and Motor Vehicles, lenders must contract with an approved service provider for the ELT transition.
Among them are VINtek, Philadelphia-based provider of automotive collateral management and ELT services. Other Florida DHSMV-approved providers are American Security Insurance Co. in Duluth, Ga.; Auto Data Direct Inc. in Tallahassee, Fla.; Decision Dynamics Inc. in Lexington, S.C.; FDI in Sacramento, Calif.; and PDP Group Inc. in Hunt Valley, Md.
Lienholders are required to electronically transmit liens and lien satisfactions to the department, according to Florida House Bill 1223, which passed during the 2012 legislative session.
Participation is mandatory for lenders including credit unions. The exceptions are businesses and individual lienholders that are not typically involved in vehicle financing.