Transcription of Electronic Lien Transfer Program Business User Manual
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Electronic Lien Transfer Program Business User Manual ELT-1 (10/20) 1 TABLE OF CONTENTS Page ELT Background.. Benefits of Electronic Lien Transfer .. 1 Escrow Accounts .. 2 Lienholder Codes.. 2 Transaction Types.. 3 Lien Filing Transaction .. 4-6 Lien Release Transaction.. 7-8 Lien Cancel Transaction.. 9-10 Lien Amendment Transaction .. 11-12 Collateral Loan Filing.. 13-14 Appendices APPENDIX A: ELT Transaction Message Codes .. 15-19 APPENDIX B: Known ELT Vendors.. 20 APPENDIX C: Applications Application ffor Title/Lien Escrow Account .. 21 Background New York State's Electronic Lien Transfer (ELT) Program provides an Electronic method for the Department of Motor Vehicles (DMV) and lienholders to exchange lien data.
With electronic transfer of the lien data, the risk of not recording or incorrectly recording a lien is eliminated. Improved Timeliness - Because the lien information is forwarded electronically, no time is lost in mailing. Also, with electronic record scanning done nightly, liens are recorded much faster. Less Paper Filing and Storage
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