ELT in South Carolina
In January 2007, The South Carolina Department of Motor Vehicles (SCDMV) implemented the Electronic Liens and Titles (ELT) program for managing titles for vehicles with liens. Decision Dynamics, Inc. works with SCDMV by providing a web application, called Premier eTitleLien™ which was developed to assist lenders like banks, credit unions, and dealers to secure and release titles electronically, eliminating the need to store and file paper titles.
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More about ELT in South Carolina
What is the Electronic Lien and Title Program?
The Electronic Lien and Title Program allows the SCDMV and a lending institution (lienholder) to exchange vehicle and title information electronically. This electronic transferal of information eliminates the need to print and mail paper titles. Both the lienholder and the DMV reap the benefits of lower costs in processing, mailing, filing and retrieving paper titles.
How does this work?
- The lender provides South Carolina DMV with a title application (Form 400) to a local DMV office with accompanying documentation. (An application for lien could also be mailed or handled by a dealer.)
- SC DMV records the lien and sends 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 SC 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.
- SC DMV mails a clear title (no lien) to the vehicle owner.
There are also provisions within the South Carolina ELT program for requesting paper titles (with lien), converting paper titles to electronic (if received after joining the ELT program), and performing inquiries on vehicle titles. South Carolina also supports a process to immediately release a lien for pickup over-the-counter at a DMV office. Premier eTitleLien™ supports these features, making them simple and as foolproof as possible, and supplements them with additional tools including preparing the Form 400.
What are the benefits of the Electronic Lien and Title System?
The electronic lien and title system reduces the costs associated with handling, storage and mailing paper titles by replacing them with electronic titles. Lienholders who join the program will enjoy not having to:
- Retrieve a title from a conventional file when the lien is satisfied.
- Physically satisfy (sign off) a lien on a title.
- Mail a title to a customer.
- Apply for a duplicate title to replace a lost title.
- Reduces title fraud.
- Reduction of title paper usage.
- Faster notification of lien satisfactions.
- Access to expedited title printing.
- 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 South Carolina ELT program, please visit http://www.etitlelien.com.