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SF 172 makes changes in watercraft titling laws to conform to current laws on motor vehicle titling.
Section 1 [Technical] makes technical changes in cross-references in the watercraft titling law.
Section 2 [Original certificate of title issuance] provides that the certificate of title will be mailed to the owner. Secured parties, if any, will be mailed a notification of their security interest. This is same process that is used for automobile titles under Minnesota Statutes, section 168A.06.
Section 3 [Duplicate certificate of title issuance] provides for the duplicate certificate of title issuance to the owner. This is same process that is used for automobile titles under Minnesota Statutes, section 168A.09, subdivision 1.
Section 4 [Notification of an owner-created security interest] provides that a secured party will be notified that an owner has created a security interest in the watercraft and that the security interest does not affect the rights of the first secured party. This is same process that is used for automobile titles under Minnesota Statutes, section 168A.18.
Section 5 [Repealer] repeals the 15-day waiting period for the issuance of a new watercraft title on a duplicate title.
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