Since a main goal of ELT is to reduce paper, the ELT process includes a number of transactions. These correspond to the same kind of transactions that take place with paper titles. At a minimum, this would need to include:
- Notification of Lien (the electronic title): lets the lienholder know a lien has been recorded.
- Release / Satisfy / Cancel: lienholder notifies state that they are releasing their interest
- Request Paper:: lienholder requests a paper title with their lien still noted.
- Other transactions are possible, including:
- Notification of Cancellation: state notifies the lienholder that their lien has been removed, usually due to a written request.
- Correction to Title: state notified the lienholder of a change made to title information, usually an additional lien or vehicle brand added.
- Convert from Paper: conversion of existing paper titles, either existing portfolio or ongoing (paper title received when electronic title expected). Several states support this as a manual process.
- Transfer to new lienholder: allows a lienholder to release their lien and indicate a new lienholder.
- Electronic lien application: State allows lender lender to electronically submit title or lien application.
- Title Inquiry: allows a lienholder to verify title information prior to issuing a loan. This is a fraud prevention measure. Also used for troubleshooting during the lien recordation process. Sometimes made available to the public.
- Expedited printing requests: allows a lienholder or owner to receive a printed title the same day a request is made.
Transactions By State
The following is a matrix of which states support which transactions.
|Notification of Lien|
|Notification of Cancellation|
|Correction to Title|
|Release / Satisfy / Cancel|
|Convert from Paper|
|Transfer to new lienholder|
|Electronic lien application|
|Expedited printing requests|