Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
N.J. league working with MVC on electronic lien titling
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.


RSS





print
News Now LiveWire
Final field-of-membership rule tops April 30 NCUA agenda http://t.co/gFIhRhUCts
1 day ago
.@CUNA's @Nussle speaks to @VonnieQuinn about #StoptheDataBreaches and reg. relief. http://t.co/TMTubG9Afk
1 day ago
RT @NCUFoundation: .The Foundation's @hylandhighway with @NatlJumpStart President/CEO Laura Levine at #FLHillDay2015 today: http://t.co/ep5…
1 day ago
Seriously underwater homes rise, new-home sales tumble News Now: http://t.co/2LzWTkqnES
1 day ago
#NewsNow Cornerstone Foundation awards $71K in grants http://t.co/Y6D8K9rwWv
1 day ago