Latest ELT Legislation News

FDI Collateral Management now offering Electronic Lien and Title in Nebraska!

FDI Collateral Management (FDI) announced November 15, 2010 the launch of their Nebraska Electronic Lien and Title (ELT) Program. In 2009, Nebraska passed legislation requiring the Department of Motor Vehicles (DMV) to develop and implement an ELT program no later than January 1, 2011. FDI has been working closely with the jurisdiction, the lender community, and other industry stakeholders, offering thought leadership to ensure that Nebraska’s goal of providing electronic transmission of lien transactions between lenders and the DMV is achieved. To view the entire press release click here.

Texas implements Automated Paper Title Releases on October 12, 2010

FDI announces that Texas ELT “Phase 2”, the automation of the Paper Title request for the TX ELT program, will be available for use on October 12, 2010! With the implementation of this automated functionality, the Texas DMV has also announced that they will no longer accept the VTR-302 form effective November 10, 2010.

If you are not currently participating in the Texas ELT program, the next quarterly testing window with the state begins November 1, 2010. FDI will coordinate all of the testing efforts with the state and will not require any IT resources on your part other than to have all state paperwork in to FDI by October 5, 2010.

For more information or questions regarding adding Texas ELT contact your Strategic Account Manager or Marc Ehlman.

Louisiana rolls out their ELT program beginning January 2010:

In mid-2008, Louisiana Act 689 was enacted stating that the Louisiana Office of Motor Vehicles (OMV) “shall develop and implement an ELT program on a statewide basis by January 1, 2010.” For more than a year, FDI has been working closely with the Louisiana OMV and various industry partners to implement a Louisiana ELT solution that is compliant with Act 689 and FDI will be ready to support Louisiana’s roll out of their ELT program in January 2010.

FDI encourages lenders to review the legislation carefully to determine their need for compliance for Act 689. Click here to view Act 689.

Arizona legislation makes ELT a mandatory program beginning May 31, 2010:

Arizona has signed enacted legislation SB 1293 that requires the Director of the Arizona Department of Transportation (ADOT) to mandate the recording of certificates of title for newly issued, transferred and corrected certificates through electronic media. The signing of this bill makes ELT mandatory in Arizona as of May 31st 2010. Arizona DOT continues to define the rules of the mandatory ELT program and FDI is working closely with them to understand the rules and communicate them out to lenders.

California signed Senate Bill 1515, making the ELT program mandatory in January 2012:

California has signed Senate Bill 1515 into law on October 12, 2009. This bill states that “the Director of Motor Vehicles, on or before January 1, 2012, to develop an Electronic Lien and Title (ELT) Program, in consultation with lienholders, licensed dealers, and other stakeholders, that would require all lienholders' title information to be held in an electronic format if the department determines that the program is cost effective compared to the current paper title and registration system. The bill would authorize the director to establish an auto loan business volume threshold below which a lienholder is not required to participate in the program.” The effective date for this mandate is January 1st, 2012.

Should you have any questions regarding ELT in the state of Nebraska, Texas, Louisiana, Arizona, California or any of the other participating states, please view our ELT state map or contact FDI at Sales@fdielt.com.