HB548 Alabama 2013 Session

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 provide that for purposes of transferring a motor vehicle that is 12 or more model years old for the purpose of scrapping, dismantling, or destroying the motor vehicle, a lien is considered satisfied in three years and a release is not required.

This bill would require effective January 1, 2014, all lien releases to be electronically submitted to the Department of Revenue within 10 days of the release.

To amend Section 32-8-64.2, Code of Alabama 1975, to provide for the release of certain liens after three years on vehicles which are 12 or more model years old; and to require on a certain date for all lien releases to be electronically submitted to the Department of Revenue within 10 days of the release.