VINtek to Provide ELT Help for Ga. & Fla. Lenders
June 18, 2012
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PHILADELPHIA — With respective lawmaking bodies in Florida and Georgia passing electronic lien and title legislation recently, VINtek is helping lenders in these Southern states prepare for the changes.
In addition to announcing that it will aid lenders as they get ready for expanded ELT programs, VINtek also explained what these pieces of legislation entail.
In the Sunshine State, Florida House Bill 1223 stipulates that "most, if not all" lien holders utilize the ELT program by the first day of 2013, VINtek said.
Meanwhile, via Georgia House Bill 865, the Georgia Department of Revenue will have the green light to phase in ELT requirements. Officials note that the final guidelines for the ELT program in the Peach State would be released before Jan. 1, 2013.
As most likely know, ELT is essentially an alternative to paper titles. Instead, the data is exchanged between state departments of motor vehicles and VINtek. The Philadelphia firms serves "as as an intermediary on behalf of a lien holder" in this process, officials noted.
VINtek emphasized further that there are more than 800 lien holders throughout Georgia and Florida utilizing ELT programs.
"Georgia and Florida have joined a growing list of states that recognize the benefits of ELT to government budgets and automotive financiers," said Larry Highbloom, president of VINtek.
"By legislating an expanded population of paperless titles, both of these states have ushered in a more cost-effective, efficient and secure era in auto financing," he continued. "ELT serves as the foundation for future vehicle title automation opportunities such as eliminating the paper title completely as has been done with stock certificates."
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