(1) A vessel owner shall notify the department in writing within five business days after a vessel is or has been:

(a) Sold;

(b) Given as a gift to another person;

(c) Traded, either privately or to a vessel dealer;

(d) Donated to charity;

(e) Turned over to an insurance company or wrecking yard; or

(f) Disposed of.

(2) A report of sale is properly filed if it is received by the department within five business days after the date of sale or transfer and it includes:

(a) The date of sale or transfer;

(b) The owner's name and address;

(c) The name and address of the person acquiring the vessel;

(d) The vessel hull identification number and vessel registration number; and

(e) A date stamp by the department showing it was received on or before the fifth business day after the date of sale or transfer.

(3) The department shall:

(a) Provide or approve reports of sale forms;

(b) Provide a system enabling a vessel owner to submit reports of sale electronically;

(c) Immediately update the department's vessel record when a report of sale has been filed;

(d) Provide instructions on release of interest forms that allow the seller of a vessel to release their interest in a vessel at the same time a financial institution, as defined in RCW 30A.22.040, releases its lien on the vessel; and

(e) Send a report to the department of revenue that lists vessels for which a report of sale has been received but no transfer of ownership has taken place. The department shall send the report once each quarter.

[2015 c 148 § 1; 2010 c 161 § 1014.]

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