AL HB669

Reduces the period for security agreements on vehicles 12 or more model years old to be considered satisfied from five years to three years.

Applies to liens and security interests recorded on vehicle certificates of title, with exceptions for travel trailers and vehicles exceeding 12,000 pounds gross weight.

Allows creditors to extend liens beyond three years by obtaining a new certificate of title listing the security interest before the three-year deadline.

Requires the Department of Motor Vehicles to mandate electronic submission of all lien releases within 10 days of satisfaction.

Becomes effective on the first day of the third month following passage and gubernatorial approval.