Secretary of State Alexi Giannoulias made the announcement Monday that Illinois will join 25 other states that have active Electronic Lien and Titling available when purchasing a vehicle from a participating dealer.
“An electronic lien and titling program will make the process of buying a car significantly faster, more convenient and more secure than the paper system. What used to take months can be done with a few clicks, dramatically reducing the ‘Time Tax’ customers were forced to pay when titling a vehicle,” said Giannoulias. “Implementing new technology strategically enables our office to create efficiencies and benefit consumers. These investments are crucial to providing convenience, but more importantly security, for our customers and their data.”
The technology allows a dealership and the institutions financing the loan to electronically exchange lien and title information, so banks can mark the title as paid, and the Secretary of State can then release the title to the owner.
The system eliminates mailed-in paperwork, physically picking up documents, or making an in-person visit to the DMV, officials said.
Giannoulias also said the system reduces the potential for fraud by preventing “title washing,” which can lead to customers unknowingly purchasing a stolen vehicle.
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