News in 2013

As the new mandatory Florida ELT system comes online and lenders statewide begin to use the system, the most common questions ADD has been asked revolve around how to convert one of the new electronic lien titles to a paper title, either before or after a lien is satisfied.

Under the new ELT regulations, the paperwork and process required to apply for titles remains the same, except that title application forms now require the lender’s ELT number (called a DMV Acct # on the HSMV 82040). When the new lien title is registered with the department, instead of sending the lender a paper title, an electronic title is created. The lien is added to the electronic title, and the electronic lien title is maintained by the DMV.

The biggest change, and one of the biggest sources of confusion about the new system, is what happens when a lien is satisfied. Before, lenders would apply for a title and automatically receive a paper title in the mail. Now, because the titles are created and maintained electronically, paper titles must be specifically requested before they are issued by the DMV.

Lienholders have a few different options to obtain paper titles under the new system. If a lender would like to obtain a paper title BEFORE the lien is satisfied, he can either have the title mailed to him, or he can pick up the title from their local tax collector or tag office.

• To receive the titles by mail, the electronic to paper title conversion must be done through the lender’s ADD ELT account.
• If the lender would prefer to pick up the title in person, simply check the Pickup option under Convert to Paper menu in their ADD account. Then, after the four-day processing window, they may go to their tax collector or tag office, pay the $10 issuance fee and pick up the title.

Once a lien is satisfied in the ELT system, (the Satisfy option in ADD system) the owner must be the one to request a paper title. The owner can go to his tax collector or tag office after the four-day processing window and request the paper title, or they can request the title be mailed to them via the DMV website.

For lenders new to the Florida ELT system, ADD hosts periodic web-based trainings. Look for training newsbriefs after login at ADD123.com, or email ADD’s ELT team.