In my opinion there are two major issues with land loyalty, both as it is now as well as how it used to be, namely that by only taking into account time it doesn't really mean much and that it is impossible for new players to catch up to old players due to the constant inflow of new loyalty without any outflow. Therefore I would like to propose the concept of land favors.
The idea is quite simple, just like land loyalty citizens get one favor point a day, but unlike land loyalty they are expendable and can be traded. To prevent abuse I would suggest requiring players to have at least a minimum amount of favors before being able to give favors away (or if you prefer in game arguments, the land needs to be sure you're loyal before trusting your recommendations.)
The trading part is simple, if you have at least an X amount of favors (say 250) you are able to give away any excess points in any quantity you want as quest rewards, political pacts, back alley deals, attempted takeovers and much more.
Then land favors should be usable at the capital for certain land related features. For example:
[spoiler]
Feature (cost):
Start citizen vote for self (5)
Start remove citizen vote (50)
Immediately become citizen (200)
Remove citizen (The to be removed citizen's favors)
[/spoiler]
TL;DR:
Old loyalty system, but you can spend loyalty on stuff and you can trade it.