NY A10085

Establishes an electronic lien and title (ELT) program requiring the commissioner to develop a system for banks, credit unions, and financial institutions to electronically record and satisfy security interests in vehicles.

Requires lienholders to electronically transmit liens and lien satisfactions to the department in a format determined by the commissioner, with exemptions for individuals and non-finance businesses.

Eliminates the requirement to print and mail physical certificates of title when liens are recorded electronically; certificates remain electronic until all liens are satisfied.

Modifies procedures for certificate of title issuance and delivery to direct certificates to the first lienholder named in applications rather than the vehicle owner when liens are recorded electronically.

Updates procedures for obtaining duplicate certificates and releasing satisfied liens to accommodate the electronic system and clarify lienholder responsibilities.