SB490 Alabama 2012 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2012
Title
Motor vehicles, security interests, older model vehicles, time before considered satisfied reduced, Sec. 32-8-64.2 am'd
Description
Existing law provides that a security agreement on a motor vehicle that is 12 model years old or older is considered satisfied after five years from the date of the security agreement
This bill would reduce the period of time in which the security agreement on a motor vehicle that is 12 or more model years old is considered satisfied to three years
To amend Section 32-8-64.2, Code of Alabama 1975, as last amended by Act 2011-633, 2011 Regular Session (Acts 2011, p. 1507), to provide for the release of certain liens after three years on vehicles which are 12 or more model years old.
Subjects
Motor Vehicles
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 9, 2012 | Indefinitely Postponed | |
| April 12, 2012 | Read for the second time and placed on the calendar | |
| April 10, 2012 | Read for the first time and referred to the Senate committee on Commerce, Transportation, and Utilities |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB490 Alabama 2012 Session - Introduced |