AL HB306

Reduces the time period for automatic satisfaction of security agreements on vehicles 12 or more model years old from five years to three years from the date of the security agreement.

Exempts travel trailers and vehicles weighing more than 12,000 pounds gross weight from the three-year rule; these liens remain satisfied only under Section 32-8-64.

Allows creditors to extend liens beyond three years by applying for a new certificate of title before the three-year period expires.

Requires the department to mandate electronic submission of all lien releases within 10 days of satisfaction of a motor vehicle lien or security interest.

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