With just a few weeks away from a Jan. 1 deadline to comply, Florida will be the first state to completely eliminate printing paper vehicle titles, according to electronic lien and title service provider VINtek.
The Philadelphia-based firm said the $170 million Orlando Federal Credit Union is among the financial institutions that has already implemented the ELT technology.
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, 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.
In August, VINtek announced that it is now the exclusive partner of 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 to comply with its own ELT rules.