WASHINGTON, D.C. — The American Financial Services
Association released a white paper on recent state developments in issuing and
releasing liens and titles on motor vehicles, including Electronic Lien and
Title (ELT), electronic titling, and other lien and titling issues, such as New
York's new lien release law.

AFSA officials indicated at least 25 states have implemented
mandatory or voluntary ELT programs, have efforts underway to do so, or do not
use paper titles. They explained the paper provides an overview of states that
have implemented or are considering these programs and outlines their benefits
to states, lienholders, and consumers, including increased efficiency, improved
data accuracy, lower costs and reduced fraud in the vehicle titling and lien
release process.

The white paper also summarizes legislation in the 2012-2013
session relating to ELT, electronic titling and/or lien notification, according
to AFSA.

"State legislation and regulations with provisions affecting
motor vehicle lien release are also discussed in the paper, including a summary
of New York's new law allowing the release of a lienholder's security interest
in a motor vehicle without the involvement of the lienholder, and the law's
potentially negative consequences, such as the possibility of inappropriate
lien releases," association officials said.

The white paper can be obtained through AFSA's website at www.afsaonline.org.

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