N.C. Gov. Pat McCrory has signed into law a requirement that the state's Division of Motor Vehicles implement an electronic lien and title program.
ELT replaces paper automotive liens with an electronic exchange of data between a state’s department of motor vehicles and automotive lenders.
If ever there was a case for moving from paper vehicle titles to an electronic system, advocates might point to a recent occurrence in Michigan.
Michigan fraudsters make the case; South Carolina credit union sees the value. A look ahead to next week's print edition.
As several states make the transition away from paper vehicle titles to electronic lien and titles, at least one firm said it is experiencing the impact.
Programs require electronic titling, with more than 800 lienholders already aboard in those two states.
Two years after their partnership formed, a Texas Credit Union League subsidiary and a Philadelphia vendor said they now are serving more than 80% of the state’s credit unions participating in the Texas electronic lien and title program.
Now 128 credit unions participating, 104 of them through league service corporation partnership with VINtek.
More than 10,000 paper titles have been converted to computer files at the $389 million Valley First Credit Union in Modesto, Calif., since it began using an electronic lien and title service solution from VINtek.
Valley First Credit Union in Modesto, Calif., has converted more than 10,000 paper titles to computer files with the help of VINtek.