This week, the Uniform Law Commission, a 350-member group of appointed law commissioners who draft uniform laws aimed at solving problems common to the states, approved the Uniform Certificate of Title Act for Vessels, the National Marine Manufacturers Association reported.
The act, similar to most state boat title schemes, also creates a model vessel brand that acts as a permanent designation on a boat title that discloses damage to a boat and serves as a valuable tool to consumers, insurers and lenders.
This information is now regulated by a number of state and federal laws. The act seeks to create a uniform model that not only will be approved by the Coast Guard, but also will help and protect consumers by facilitating financing and transfers of ownership and by deterring theft.
“This is a major win for recreational boating and boaters, and we applaud the spirit of collaboration embodied by the ULC in working with the recreational boating industry on this landmark title act,” NMMA president Thom Dammrich said in a statement. “We look forward to working closely with the ULC as it establishes a committee that will work with NMMA and other recreational boating industry members to educate the boating community on the new model law and facilitate its enactment in all states.”