Form VSA 150. Electronic Lien and Title Program Agreement - Virginia

Form VSA 150 - Electronic Lien and Title Program Agreement is used by lienholders in Virginia to establish an agreement with the DMV for participating in the Electronic Lien and Title Program. The parties involved in this form are lienholders (e.g., financial institutions) and the Virginia Department of Motor Vehicles.

The form consists of sections where the lienholder provides information about their institution, the vehicles they hold liens on, and their agreement to participate in the Electronic Lien and Title Program.

Important fields in this form include the lienholder's identification details, the list of vehicles held as collateral, and the agreement terms for electronic lien and title processing. Accurate information is essential to ensure smooth and efficient lienholder services within the program.

An example scenario is when a financial institution holds liens on numerous vehicles and wishes to streamline their lien and title processes. By using Form VSA 150, the institution can enter into an agreement with the DMV to participate in the Electronic Lien and Title Program, enabling electronic processing of lien-related transactions.

No additional documents are typically required for filling this form. An alternative form could be Form VSA 135, used to apply for a Certificate of Title for a vehicle, which serves a different purpose but involves vehicle titles.