North Carolina Gov. Pat McCrory has signed into law a requirement that the state's Division of Motor Vehicles implement an electronic lien and title program.
The law, signed on July 23, mandates the program be in place by July 1, 2014, according to Philadelphia-based VINtek, a provider of automotive collateral management and ELT services that it said assisted with the passage of ELT legislation in North Carolina.
Within a year of implementation, banks, credit unions and other automotive lenders in the state will begin to replace their paper based liens with an electronic exchange of data with the N.C. DMV.
VINtek said as the 10th largest state in terms of new annual vehicle and truck registration, an opportunity exists for the state of North Carolina to reduce operating costs, increase customer satisfaction and reduce fraud through the elimination of paper vehicle titles with liens.
“As North Carolina positions itself to become the 20th state to initiate ELT, we see confirmation of the growing interest in ELT at DMV’s across the country,” said Larry Highbloom, president of VINtek.
In July, Nevada also passed legislation to enact in an ELT program.