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.
VINtek, a provider of electronic lien and title services, has signed on the $550 million Deere Employees Credit Union.
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.
New state law mandates end of printing paper titles on Jan. 1.
Partnership with electronic lien and title services specialists gets out in front of Jan. 1 deadline by Florida motor vehicles agency.
Lenders, including credit unions, must be connected to state's electronic lien and title program by Jan. 1.
Programs require electronic titling, with more than 800 lienholders already aboard in those two states.