Electronic Lien Titling Legislation Passed Out of Senate Transportation Committee (Misc News: May 28, 2014)
Last week, the Senate Transportation Committee approved a package of MCUL & Affiliates-supported legislation (Senate Bills 915, 916, 917, and 918) that would transition Michigan from a paper based title-holding state, toward a full electronic and centralized titling state.
The bills were placed on the agenda by Committee Chairman Tom Casperson, R-Escanaba, and received a unanimous vote of support. As passed by committee, the bills not only would move Michigan away the current paper based vehicle titling system, it also streamlines the placement and release of security interests. Transitioning Michigan to a centralized, electronic system would leverage improved technology to allow for quick and secure electronic title checks for member institutions and would help to minimize “title washing,” a form of vehicle fraud which has become a growing problem.
MCUL has been working with the Secretary of State and bill sponsors and will continue to monitor this legislation as it moves through the Senate and on to the House.