NC DEALERS: MANDATORY PARTICIPATION IN ELT

If you have not signed up with an ELT vendor, what are you waiting for? I had a BHPH dealer call me this morning and he told me he still doesn’t even have a computer in his dealership. The deadline is Friday!

On June 24, NC DMV issued the following bulletin:

In October 2015, the North Carolina General Assembly ratified Senate Bill 119 under Session Law 2015-264, which requires mandatory participation in the Electronic Lien and Titling Program (ELT) beginning July 1, 2016. This requirement applies to all individuals and lienholders who are normally engaged in the business or practice of financing motor vehicles, and who conduct at least five transactions annually, and requires them to utilize the electronic lien system to record information concerning the perfection and release of a security interest in a vehicle.

The liens will be tracked by the fiscal year beginning July 1, 2016 through June 30, 2017. The lien counter will be reset on July 1, 2017 and the five liens will then go from July 1, 2017 through June 30, 2018.

A “Notification Letter” will be mailed to a lienholder when three recorded liens are on file for the lienholder; this letter will not be vehicle specific. The “Notification Letter” will advise the lienholder who to contact in order to become an electronic lienholder. Also, the “Notification Letter” will advise the lienholder that when five liens have been recorded, title services will be denied until they comply with the electronic lienholder requirements.

So if you have not registered with a vendor, go to www.edealersvcs.com and get registered. You will have a choice of several vendors, we recommend northcarolinaelt.com. You can just go directly to their website to register as well. Don’t delay!!!

Kat

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