The Marine Retailers Association of the Americas is reminding boat dealers that they are exempt from the Dodd-Frank financial regulatory reform law.
There have been concerns about the Wall Street Reform and Consumer Protection Act, colloquially known as Dodd-Frank, and its application to boat dealers, according to an MRAA release.
The MRAA has even been approached by one group to trade off its support of the second-home mortgage interest deduction for an exemption from the reporting requirements of Dodd-Frank.
“The good news is that boat dealers are already exempt from the reporting requirements of Dodd-Frank,” MRAA president Matt Gruhn said in a statement.
During the last minutes of a conference between the House and Senate, former Sen. Sam Brownback (R-Kan.) included language the MRAA supported that amended the definition of "motor vehicles” to include boats, RVs and motorcycles.
This action was included in a section that already included an exemption for auto dealers.