If you read today’s Memo story “Electronic Lien and Title Implemented for Motor Vehicles with Liens” then you are aware that South Dakota will offer an Electronic Lien &Tile (ELT) program starting October 1, 2012.

Why is this important to your credit union?

ELT is important for South Dakota lienholders due to a significant change at the DMV this year. The SD DMV will cease issuing paper titles to lienholders as evidence of a lien on a motor vehicle starting 10/1/2012

The SD DMV, like many DMV’s across the country, is eliminating the use of paper wherever possible. This is a cost savings and process improvement initiative which can provide many benefits to the DMV as well as the lienholder community.

Realizing the importance to lienholders of knowing a lien has been recorded on a title for a motor vehicle financed by the lienholder, the SD DMV is introducing ELT in conjunction with the effective date of the elimination of paper titles.

To assist with this transition, The Credit Union Association of the Dakotas and VINtek will be hosting a FREE webinar to discuss the new processes, the key dates, and how this these changes may impact your credit union. The session will be presented by VINtek who is an industry leader that has been providing credit unions with ELT services since 1990.

This webinar will be held on Tuesday October 2, 2012 at 11am CST, 10MST.

To register for this free webinar contact Debbie Kruckenberg at the CUAD offices by email at dkruckenberg@cuad.coop or by phone at 701.250.3924 by 5pm CST on Monday October 1, 2012.