Uniform Certificate of Title Act for Vessels

1. Uniform Certificate of Title Act for Vessels National Boating Safety Advisory Committee Arlington, VA April 13, 2012

2. UCOTA-V • Uniform Code of Titling Act for Vessels (UCOTA-V) • Drafted by the Uniform Law Commission with participation by CG, States, and industry. • Adopted July 2011 by unanimous vote • Is now available to states for ratification and adoption into state law. • CG-54 and NVDC are in support of this Act.

3. UCOTA-V • Principle objectives of the Act; • qualify as a state titling law that the Coast Guard will certify; • facilitate transfers of ownership of a vessel; • deter and impede the theft of vessels by making information about the ownership of vessels available to both government officials and those interested in acquiring an interest in a vessel; • accommodate existing financing arrangements for vessels;

4. UCOTA-V • Principle objectives of the Act (cont’d); • work seamlessly with the Uniform Commercial Code, most notably Articles 2 and 9; • manage, to the extent possible, the complications that can arise from a vessel’s transition in or out of federal documentation; • provide clear rules on the consequences of compliance or noncompliance; • impose minimal or no new burdens or costs on state titling offices; and

5. UCOTA-V • Principle objectives of the Act (cont’d); • protect buyers and others acquiring an interest in an undocumented vessel by requiring that the title for the vessel be branded if a casualty or sinking has caused significant damage to the vessel’s hull integrity.

6. UCOTA-V • Provides means for certifying state titling systems creating the availability for preferred ships mortgage status. • Provides for greater maritime security in that certified titling programs MUST participate in VIS providing all required information. • Provides for consumer protection via title branding provisions similar to motor vehicles.

7. UCOTA-V • Current activity • CT has introduced a Bill to adopt a version of UCOTA-V • The following States are considering action within their next legislative session; • Alabama • Iowa • Louisiana • Minnesota • New York • Oklahoma • Tennessee • Utah

8. UCOTA-V • Next steps; • Working to develop regulatory project to bring current regulations under 33 CFR 187 into agreement with UCOTA-V. • Considering implementation via Direct Final Rule • No final decisions have been made.

9. QUESTIONS ?