§ 93.104. Boats purchased from dealers/transfer to or from manufacturer or dealer.
(a) A dealer may not purchase or acquire a new boat without obtaining from the seller a manufacturer’s or importer’s certificate of origin when provided by the manufacturer or importer.
(b) When certificates of origin are provided by the manufacturer or importer, a manufacturer or dealer may not transfer ownership of a new boat without supplying the transferee with the certificate of origin signed by the manufacturer’s or importer’s authorized agent.
(c) A dealer transferring a boat requiring title under this subchapter shall assign ownership to the new owner, in the case of a previously titled boat, by completing the appropriate assignment portion of the certificate of title, or in the case of a new boat, by completing the assignment portion of the certificate of origin.
(d) A dealer shall forward all moneys and applications to the Commission within 10 days of transferring ownership.
(e) Except as otherwise provided in this subsection, a dealer buying or acquiring a used boat for resale need not obtain a certificate of title for the used boat if the dealer reports the acquisition to the Commission within 20 days. In lieu of submitting a report of acquisition, the dealer may apply for and obtain a certificate of title as provided in this subchapter. If a dealer buys or acquires a used unnumbered boat that is otherwise required to be titled, the dealer shall apply for a certificate of title in the dealer’s name within 20 days. If a dealer buys or acquires a new boat for resale, the dealer may, but is not required to, apply for a certificate of title for the boat in the dealer’s name.
(f) Every dealer shall maintain for 3 years a record of any boat the dealer’s bought, sold, brokered, exchanged or received for sale or exchange. This record shall be open to inspection by Commission representatives during reasonable business hours.
(g) A dealer/lessor who leases a boat for more than 30 consecutive days shall obtain a certificate of title for the boat unless exempt under section 5322(a) of the code (relating to when certificate of title not required). The lessor shall maintain the certificate of title of a leased boat.
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