With just a few weeks away from a Jan. 1 deadline to comply,Florida will be the first state to completely eliminate printingpaper vehicle titles, according to electronic lien and titleservice provider VINtek.
|The Philadelphia-based firm said the $170 million OrlandoFederal Credit Union is among the financial institutions that hasalready implemented the ELT technology.
|According to Florida's Department of Highway Safety and MotorVehicles, lenders must contract with an approved service providerfor the ELT transition.
|Among them are VINtek, American Security Insurance Co. in Duluth, Ga.; AutoData Direct Inc. in Tallahassee, Fla.; Decision Dynamics Inc. inLexington, S.C.; FDI in Sacramento, Calif.; and PDP Group Inc. inHunt Valley, Md.
|Lienholders are required to electronically transmit liens andlien satisfactions to the department, according to Florida HouseBill 1223, which passed during the 2012 legislative session.
|Participation is mandatory for lenders including credit unions. The exceptions are businessesand individual lienholders that are not typically involved invehicle financing.
|In August, VINtek announced that it is now the exclusive partnerof LEVERAGE, the service corporation for the League of Southeastern Credit Unions.
|The league represents 298 credit unions in Alabama and Florida.
|In addition to Florida, Georgia also has a Jan. 1 deadline tocomply with its own ELT rules.
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