Georgia and Florida recently passed legislation that requiresmost auto lenders to participate in an electronic lien and titleprogram.
|Florida HB 1223 requires most, if not all lien holders toparticipate in the ELT program by Jan. 1, 2013.
|Georgia HB 865 authorizes the Georgia Department of Revenue tophase in a mandatory ELT program and the final rules outliningparticipation in that program will be published before Jan. 1,2013.
|VINTek, a Philadelphia-based provider of automotive collateralmanagement and ELT services, said it will assist auto lender,including credit unions, in those states to prepare for theimplementation of ELT programs.
|In Georgia and Florida, more than 800 lienholders have alreadyimplemented ELT programs, according to VINTek.
|The company says it acts as an intermediary on behalf of a lienholder. VINtek said ELT programs help to eliminate exposure to agrowing area of fraud that involves falsified lien release letters.Currently, perpetrators can create fictitious lien releasedocuments and receive clear titles from the DMV, VINtek said. In anELT program only the lienholder of record can electronicallyrelease its lien.
|According to Larry Highbloom, president of VINtek, a growingnumber of states are adopting ELT programs.
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