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MI HB4419
Bill
Status
2/21/2024
Primary Sponsor
Kelly Breen
Click for details
AI Summary
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Increases the maximum value threshold for watercraft eligible for simplified certificate of title transfer from a deceased owner's estate from $100,000 to $300,000 for calendar years 2024 and 2025.
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Establishes an automatic cost-of-living adjustment mechanism beginning in 2026, where the threshold adjusts annually based on the Consumer Price Index, rounded to the nearest $1,000, with the Department of Treasury publishing adjusted amounts by September 1 each year.
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Allows surviving spouses and heirs entitled under Michigan's estates law to petition for certificates of title for registered watercraft when the deceased owner left no other property requiring probate proceedings.
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Applies to watercraft where the deceased owner's total interest does not exceed the specified dollar amount on the petition date.
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Effective date: May 21, 2024 (90 days after enactment).
Legislative Description
Watercraft: other; watercraft eligible for issuance of certificate of title transferring deceased owner's interest; increase maximum value of, subject to Consumer Price Index. Amends sec. 80312 of 1994 PA 451 (MCL 324.80312).
State agencies (existing): state
Last Action
Assigned Pa 4'24 With Immediate Effect
2/21/2024