AL SB490

Reduces from five years to three years the time period after which security agreements on vehicles that are 12 or more model years old are considered satisfied and require no lien release.

Exempts travel trailers and vehicles weighing more than 12,000 pounds gross weight from the three-year provision; these liens remain subject to existing Section 32-8-64 requirements.

Allows lienholders to perfect liens beyond three years by applying for a new certificate of title listing the lien or security agreement before the three-year period expires.

Requires all lien releases to be submitted electronically to the department within 10 days of when a lien or security interest is satisfied.

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