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.
Escrow Accounts . Each lienholder participating in the ELT Program must establish a title escrow account with DMV. This account will be debited each time a lien-filing fee is required. Each month, a statement detailing account activity that occurred during the previous month will be mailed to the lienholder from DMV's Revenue Accounting section.
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