League seeks fix for auto title issue
Published by: Sean Brown
July 25, 2023 | Regulatory
Regardless of the new and innovative ways your credit union puts excellent member service into action, sometimes new processes are prescribed to you via legislation. The League is currently seeking a fix to a recently-passed auto title language statute change that allows consumers to choose whether to receive the certificate of title physically or electronically.
While this sounds like a commonsense change, your credit union needs direction, or discretion, about how to implement this new directive.
The League has contacted the Ohio Department of Public Safety, which oversees the Bureau of Motor Vehicles, to discuss auto title language ambiguity and gauge anticipated enforcement to answer credit union concerns. The Department responded positively, expressing support for fixing the underlying legislation. While a legislative repeal effort will be pursued following the summer recess, the Department asked that credit unions do their best to comply with the law and contact legal counsel for assistance in doing so.
Be on the lookout for more updates as the League pursues a legislative fix; in the meantime, read this example of a sample letter one Ohio credit union is using to navigate this change.
Contact Sean Brown for questions or assistance.