With the signature of Gov. Brian Sandoval on the passage ofelectronic lien and title legislation, Nevada became the latest tooffer the online processing system.
|ELT replaces paper automotive liens with an electronic exchangeof data between a state's department of motor vehicles andautomotive lenders.
|Nevada Assembly Bill 309, signed into law on June 11, is thefirst ELT legislation in the country to outsource the building andmaintenance of a cloud-based electronic lien system in a public andprivate collaboration, according to VINtek, a Philadelphia-based provider of automotive collateralmanagement, ELT services and direct finance processing.
|The company said it assisted with passage of the legislation inNevada.
|“We are seeing a growing national trend in outsourcing of legacystate agency operations in order to improve state operatingefficiencies, and Nevada has applied the concept to the DMV,” saidLarry 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 legislationrequiring lienholder participation in the Georgia Department ofRevenue's ELT program in 2013, the company signed eight credit unions in the state.
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