|(a) The Electronic Lien Title (ELT) Program provides
an electronic method for the department to exchange lien and title
information with lienholders. Lienholder participation in this program
(b) To participate in the ELT Program, a lienholder
must enter into a contract with the department. The contract must
contain all terms and conditions necessary to implement the ELT Program,
as agreed on by the department and the participating lienholder.
(c) An application for title recording an electronic
lien must be filed in the usual manner with a county tax assessor-collector.
(1) The department will notify the lienholder electronically
of the date the lien was recorded. The notification will include a
request for verification of the lien and vehicle information.
(2) The participating lienholder shall verify the lien
and vehicle information in the message and electronically notify the
department whether the information is correct.
(3) The lienholder shall send an error message electronically
to the department if any information in the notification is incorrect.
The department will then verify the lien and vehicle information submitted
by the applicant in the title application. Any error will be corrected,
and if necessary, the department will send a new notification to the
lienholder with corrected information. If it is found that the title
applicant submitted incorrect lienholder or vehicle information, the
transaction will be rejected and returned to the county tax assessor-collector.
(d) When a lien is satisfied, the lienholder shall
electronically notify the department within 10 days. The ELT remark
and the lien will be removed from the record and a title will be printed
in the name of the owner of record and mailed to the address specified
by the lienholder.
(e) When requested by a lienholder, the department
will remove the ELT remark from a vehicle record and provide the lienholder
with a paper title.
(f) When requested by a lienholder, the department
will reassign a lien electronically to a new lienholder if the new
lienholder meets all requirements for participation in the ELT Program.
(g) The department will not issue a certified copy
of a title with an ELT remark.