Q: Is there a federal law on time constraints for lienholders to surrender vehicle titles to purchasers?
It's a state issue.*
For the Illinois statutory procedure see 625 ILCS 5/3?205 subsection c at http://tinyurl.com/3ae5mjk . Generally, a 'perfected' security interest in an IL vehicle title should be released within three weeks after the lienholder receives payment.
* There is a federal title tracking system that helps with some issues when title is transferred through junkyards that is overseen by the DOJ. see http://www.vehiclehistory.gov/index.html
Let me know if I can be of further assistance www.ruskcountylaw.com (licensed in WI and IL)
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