DMV/VERIFI Tip of the Week, #81
Managing Your Secure Paper MV-50 Inventory
Per Commissioner’s Regulations, the brief system outage during the morning of 2/29 permitted dealers to use secure paper MV-50s to process transfers. If you used secure paper MV-50s that morning, please make sure to account for them in VERIFI. In fact, it is best practice to immediately account for the use of any secure paper MV-50 to avoid complications with wholesale transfers or during registration and titling.
We also wish to take this opportunity to remind you that allowable inventories of secure paper MV-50 books have been lowered (TOTW #77, dated 11/5/2019) depending on your type of dealership and sales volume history. To ensure your dealership has enough secure paper MV-50 books on hand, you should adhere to the following guidelines:
- When a secure paper MV-50 book is exhausted, return it for a replacement. Don’t wait until you have multiple books to return.
- Issue MV-50s in consecutive order – from one book at a time. If multiple books are in use you risk not having enough on-hand should another outage occur.
- Don’t delay accounting for used secure paper MV-50s in VERIFI.
- Don’t hold-on to exhausted MV-50 books -DMV will not replace a book unless all MV-50s have been accounted for in VERIFI.
- Account for VOIDED, lost, stolen or mutilated MV-50s or MV-50 books immediately.
Let us know if you have unreturned books from before the launch of VERIFI. Failure to account these legacy books will delay replacement orders.
Following these simple guidelines will enable you to maintain a sufficient inventory of secure paper MV-50s – to deal with any unforeseen circumstance.