Nevada Latest to Pass Electronic Lien, Title Law
With the signature of Gov. Brian Sandoval on the passage of electronic lien and title legislation, Nevada became the latest to offer the online processing system.
ELT replaces paper automotive liens with an electronic exchange of data between a state’s department of motor vehicles and automotive lenders.
Nevada Assembly Bill 309, signed into law on June 11, is the first ELT legislation in the country to outsource the building and maintenance of a cloud-based electronic lien system in a public and private collaboration, according to VINtek, a Philadelphia-based provider of automotive collateral management, ELT services and direct finance processing.
The company said it assisted with passage of the legislation in Nevada.
“We are seeing a growing national trend in outsourcing of legacy state agency operations in order to improve state operating efficiencies, and Nevada has applied the concept to the DMV,” said Larry Highbloom, president of VINtek.
Eighteen states now require lenders to use ELT as of April, according to VINtek. Georgia and Florida were the latest to make the transition in January.
VINtek said in anticipation of the impact of Georgia legislation requiring lienholder participation in the Georgia Department of Revenue’s ELT program in 2013, the company signed eight credit unions in the state.