TRENTON, N.J. (7/16/12)--The New Jersey Credit Union League is working with the state's Motor Vehicles Commission (MVC) to bring about electronic lien titling (ELT) to help reduce costs related to providing auto loans to members, the league reported.
The league met with MVC Chief Administrator Raymond Martinez and senior management in February, and last month representatives of three credit unions met with MVC policy and operational staff to discuss the current paper-based system and potential parameters for a new electronic system (The Daily Exchange July 13).
MVC has indicated it aims to establish ELT and it will conduct indepth stakeholder meetings in August, said the league. The meetings will provide auto lenders and dealers an opportunity to weigh in on proposed procedures and potential rules.
MVC currently is surveying the state's auto lenders and dealers and consulting with other states, ELT vendors and the American Association of Motor Vehicle Administrators to identify model ELT protocols and best practices, said the league, which urged the state's credit unions to participate in the survey.
"The MVC has been very cooperative in working with us on this and appears to be ready to move forward as quickly as possible," said league President Paul Gentile. "It's extremely important that we take advantage of this opportunity to help shape the new program and demonstrate the broad support among our members for this initiative," he said.