AFSA Supports NHTSA Drive to Modernize
The American Financial Services Association yesterday submitted a comment letter to the National Highway Traffic Safety Administration (NHTSA) voicing its strong support for a final rule allowing state adoption of electronic odometer disclosure systems. Odometer disclosure statements are tied to vehicle sale and transfer documents. State regulations have in the past required “wet” (i.e. handwritten) signatures as a means of preventing odometer fraud. Now, state policymakers will have the opportunity to put in place more flexible rules that allow for an electronic signature.
“We agree with NHTSA’s goal of increasing efficiency, protecting consumers, and removing needlessly burdensome regulations,” Celia Winslow, Vice President of Legal & Regulatory Affairs at AFSA. “We believe that the rule meets this goal and will result in significant cost savings and burden reductions by facilitating electronic titles and title transfers.”
AFSA’s National Title Solutions Forum (NTSF) has advocated in favor of the NHTSA rules since it submitted comments on the notice of proposed rulemaking in 2016. The NTSF provides a platform for vehicle finance companies to affect positive change to the title process with the long-term goal of eliminating many of the paper filings for electronic liens and titling processes.
October 29th, 2019 by Dan Bucherer