ELT in Idaho
The Idaho Tranportation Department Division of Motor Vehicles (DMV) offers an Electronic Lien and Title Program (ELT). From the introduction to their ELT System Specifications:
First a few acronyms: ELT stands for Electronic Lien and Title, which stands for “Lienholder Titles Without Paper”; ITD stands for the Idaho Transportation Department. “E-title” stands for an electronic title. “Lienholder” stands for Lending Institution in all its various forms. So, ELT lets ITD and the lienholders handle vehicle titles without shuttling title certificates around – at least until the owner pays off the loan. We can then send that proud owner the real certificate.
In March 2011, Decision Dynamics, Inc. received approval to begin processing Idaho titles. Decision Dynamics, Inc. (DDI) works with the ID ELT program by providing a web application called Premier eTitleLien™. Premier eTitleLien™ allows lenders to maintain control of their vehicle collateral while enjoying the benefits of electronic processing and communication. Decision Dynamics, Inc. continues to work with the Idaho DMV and their customers to improve title and lien management in Idaho.
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More about ELT in Idaho
What is the Electronic Lien and Title Program?
The Electronic Lien and Title Program is a method by which the Idaho DMV and lending institutions (lienholders) can exchange vehicle and title information electronically. The ID DMV transmits essential identifying information electronically to the lienholder which eliminates the need to print and mail paper titles. Once the loan has been satisfied, the lienholder sends an electronic message releasing the title at which point the DMV prints and mails a paper title to the vehicle owner.
This process eliminates most of the paper handling involved in the vehicle titling process. Both the lending organizations and the DMV benefit from lower costs associated with processing, mailing, filing and retrieving paper titles.
How does this work?
- For adding liens to new titles (such as with changed owner information), Premier eTitleLien™ supports the Idaho Application for Certificate of Title (ITD 3337). To record a lien on an existing Idaho title, complete the new lienholder section on the existing title itself. The lender provides Idaho DMV with the application and required supporting documents and fee either at a county assessor’s motor vehicle office or by mail. (It's also possible for a dealer to handle the application for lien process.)
- ID DMV records the lien and sends DDI an electronic message with similar titling information as appears on a paper form. This information includes a description of the vehicle and the name and address of the vehicle owner.
- DDI receives the message from ID DMV, formats it, and makes it available to the lender in Premier eTitleLien™.
- The lender works with Premier eTitleLien™ to validate the lien information.
- Once the loan is satisfied, the lender uses Premier eTitleLien™ to release the lien.
- The Idaho DMV then mails a clear title (no lien) to the vehicle's registered owner.
The Idaho ELT program also has provisions for requesting paper titles (with lien), converting a portfolio of existing paper titles to electronic, and transferring the title to a new lienholder. Premier eTitleLien™ supports these features, making them simple and as foolproof as possible, and supplements them with additional tools including preparing the IDT 3337.
What are the benefits of the Electronic Lien and Title System?
The electronic lien and title system allows lienholders to reduce the handling, storage and mailing costs associated with paper titles by replacing them with electronic titles. Lienholders who join the program no longer have to:
- Retrieve a title from a conventional file when the lien has been satisfied.
- Physically satisfy (sign off) a lien on a title.
- Mail the title to the registered owner.
- Apply for a duplicate title when the original title has been lost.
- Reduction in title fraud.
- Reduction of title paper usage.
- Faster notification of lien satisfactions.
- Reduction in storage of title documents.
- Consolidated, itemized monthly billing for title services.
- Better customer service.
- Overall reduced costs.
Additionally, electronic lienholder customers who have satisfied their loan obligations will receive clear paper titles faster, after the lienholder has electronically notified the DMV that the lien has been released.
For more information on Premier eTitleLien™ or participating in the Idaho ELT program, please visit http://www.etitlelien.com.