HB548 Alabama 2013 Session

Summary

Primary Sponsor

Randy Wood Representative

Republican

Session

Regular Session 2013

Title

Motor vehicles, scrap vehicles, 12 years old, lien expires after 3 years, all liens released to Department of Revenue electronically effective January 1, 2014, 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 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.

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Subjects

Motor Vehicles