PHILADELPHIA — VINtek,
a provider of automotive collateral management, electronic lien and title (ELT)
services and direct finance processing, recently announced it is assisting
automotive lenders in Georgia with compliance with finalized ELT legislation.

In October, the Georgia Department of Revenue's Motor
Vehicle Division published rules regarding the ELT portion of HB 865 that was
passed in March and signed by the governor in May.

VINtek explained any automotive lender recording more than
500 liens per year on Georgia vehicle titles is required to choose a vendor and
implement an ELT program by Jan. 1. For lenders who receive more than 200 liens
a year, the deadline is July of next year.

All automotive lenders recording more than five liens in
Georgia per year have until Jan. 1, 2014 to comply with the new ELT program.

The company indicated ELT replaces paper titles with an
electronic exchange of data between the Georgia MVD and an ELT service
provider, acting as an intermediary on behalf of a lien holder.

Officials believe the program can reduce costs with the
elimination of paper and automation of a manual process. They added ELT also can
eliminate exposure to a growing area of fraud that involves falsified lien
release letters. Perpetrators can create fictitious lien release documents and
receive clear titles from the DMV without lienholder knowledge.

In an ELT program only the lien holder of record can electronically
release its lien — the DMV will reject any attempted release of lien via a letter.

"We are encouraged to see Georgia make the move to paperless
vehicle liens," said Larry Highbloom, president of VINtek. "Georgia is one of
many states that have realized the efficiencies of ELT for both their state
governments and automotive lenders in 2012."