These FAQs are not rules, regulations or statements of the Commission. Further, the Commission has neither approved nor disapproved these FAQs.
What is a Lienholder? A lienholder is someone that has a security interest in your vehicle. Usually this is the bank or financial institution you owe money to for your vehicle. The lienholder possesses the certificate of title until the lien is satisfied, or paid off.
What is an ELT Lienholder? What is an ELT Provider? An ELT provider is an entity that has entered into a written agreement with the Department to provide electronic title and lien services for ELT lienholders.
My customer is borrowing money from me. The title is an e-title and there are no liens on the vehicle. How do I add my lien now since the customer does not have the title? This first thing you must do is verify that the title status is an e-title. You may verify this at: Print the information found.
The lien will be added and show you as the lienholder.
In this scenario, you will not submit a paper title. Otherwise, the title will be mailed to you as the lienholder. As each convert to paper request is processed the Department will keep track of the request received by each ELT vendor. The charges will be totaled each day and the amount due will be sent to Bank of America.
How do I request a paper title? What do I do if there is a lien with another financial institution, the title is paper and I am paying off the lien for my customer? Pay the other financial institution and request the title to be mailed to you.
If you are an Electronic Lienholder participant, the new title will be held electronically and will be considered an ELT. What do I do if there is a lien with another financial institution and the title is being held electronically as an Electronic Lienholder Title; and I am paying off the lien for my customer?
Verify that the title status is an ELT. Pay the other financial institution and request the lien satisfaction notice be sent to your company. Within 24 to 48 hours after DMV receives the lien satisfaction from that Electronic Lienholder, the title status on DMV records will convert to an e-title.
Is there a way to get a repossession title without first obtaining a paper title? Is there a way for the consumer to do a name change without first getting a paper title?
When the customer changes their name on their Florida driver license or identification card, the new name will be reflected on the title record. When the lien is subsequently released or a request for paper title is made, the new name will be printed on the title.
If we send a transaction and there is an error, will the charge apply? Are ELT providers required to offer lenders the opportunity to request a paper title when a LS transaction is transmitted?
That would be up to the service provider. The default is to keep the title electronic. If a service provider did not offer that service, then all titles after a LS transaction would remain electronic. Therefore, the customer would have to go online themselves to obtain the title.
Will out of state dealers and lenders be able to get a paper title from the DMV website?
The customer would have to request the title and give it to the dealer.cause or attempt to cause a domestic financial institution to fail to file a report required under section (a) or or any regulation prescribed under any such section, to file a report or to maintain a record required by an order issued under section , or to maintain a record required.
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