ELT-5

The New York State DMV Form ELT-5 is the official application and agreement for lending institutions (Lienors) to participate in the Electronic Lien Transfer (ELT) Program. The program's primary objective is to replace traditional paper forms, specifically the MV-900 (Notice of Lien) and MV-901 (Notice of Recorded Lien), with electronic data transmissions to manage the attachment, recordation, and satisfaction of vehicle liens. By enrolling, lenders agree to use a DMV-approved third-party service provider to communicate with the DMV's systems for transactions such as lien filing, collateral loan processing, security interest releases, and amendments or cancellations of electronic filings.

The document functions as a formal contract, outlining the "Terms and Conditions of Service" that lenders must follow to maintain access to the ELT system. Key requirements include the secure destruction of physical certificates of title after receiving electronic confirmation of a collateral loan lien and the continued obligation to provide borrowers with written proof of lien satisfaction. Additionally, the form incorporates standard New York State contract clauses, covering legal mandates such as records retention, non-discrimination, and compliance with the Iran Divestment Act. Failure to adhere to these terms can result in the immediate suspension of the lender's access to the electronic system.