North Carolina Gov. Pat McCrory has signed into law arequirement that the state's Division of Motor Vehicles implementan electronic lien and title program.

The law, signed on July 23, mandates the program be in place byJuly 1, 2014, according to Philadelphia-based VINtek, a provider of automotive collateral management and ELTservices that it said assisted with the passage of ELT legislation in North Carolina.

Within a year of implementation, banks, credit unions and otherautomotive lenders in the state will begin to replace their paperbased liens with an electronic exchange of data with the N.C.DMV.

VINtek said as the 10th largest state in terms of new annualvehicle and truck registration, an opportunity exists for the stateof North Carolina to reduce operating costs, increase customersatisfaction and reduce fraud through the elimination of papervehicle titles with liens.

“As North Carolina positions itself to become the 20th state toinitiate ELT, we see confirmation of the growing interest in ELT atDMV's across the country,” said Larry Highbloom, president ofVINtek.

In July, Nevada also passed legislation to enact in an ELT program.