Protecting boat owners and buyers from fraud
TACIR has released a new report entitled, Protecting Boat Owners and Purchasers from Fraud, in response to Public Chapter Public Chapter 179, Acts of 2017, directing the Commission to study the creation and implementation of a boat titling system in Tennessee, which is one of only 13 states that do not currently offer state-issued boat titles.
The report includes recommendations that Tennessee should implement a boat titling system for motorized and sail-powered boats that are either larger or likely to be more powerful and should also consider phasing in any new titling system by limiting it either to boats manufactured at least one year after the law’s effective date or to boats sold or transferred at least one year after the law’s effective date.
The report also includes recommendations that Tennessee should provide consumers with greater protection from frauds perpetrated by unscrupulous boat dealers and prevent those individuals from becoming dealers by requiring boat dealers to meet minimum licensing requirements similar to motor vehicle and RV dealers, including background checks and surety bonds.
The report is available on the Internet at https://www.tn.gov/tacir/tacir-publications/publications-by-date.html.
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