TRENTON, N.J. (12/15/14)--The New Jersey Assembly Transportation Committee approved credit union-supported legislation that would require electronic lien and titling (ELT) for motor vehicles in the state.
The New Jersey Credit Union League supported A-3211, which would require the Motor Vehicle Commission (MVC) to assess whether it is able to implement an ELT system within a year of the bill's enactment. If not, then it would be required to engage an outside entity to develop a system (The Daily Exchange Dec. 12).
An ELT system would replace paper liens and titles with an electronic system, significantly reducing paperwork and costs for lenders and the MVC as well as mitigating fraud.
Credit unions and other lenders would be freed from the time and cost associated with paper liens and titles such as filing, mailing and traveling to MVC offices with paper forms to be processed. ELT would benefit consumers who would no longer have to worry about lost titles or delays in issuing titles and liens, the league noted.
The Assembly bill is sponsored by Financial Institutions and Insurance Committee Chair Craig Coughlin (D-Woodbridge) and Assembly Transportation and Independent Authorities Chair John Wisniewski (D- Sayreville). A companion bill, S-2423, sponsored by Sen. Linda Greenstein (D- Cranbury) is pending committee action in the Senate.