HB 1086 Summary

• Creates the Mississippi Uniform Certificate of Title for Watercraft Act of 2014, establishing a comprehensive state titling system for watercraft administered by the Department of Wildlife, Fisheries and Parks.

• Requires watercraft owners to apply for a certificate of title within 20 days of purchasing or transferring ownership, with application containing driver's license number, social security number, or taxpayer identification number of each owner.

• Establishes procedures for creating, canceling, and replacing certificates of title, including provisions for electronic and written certificates, with the department required to create certificates within 20 days of receiving compliant applications.

• Designates "Hull Damaged" as a title brand that must be indicated when transferring watercraft with hull damage, with a civil penalty of $1,000 for failure to comply.

• Perfects security interests in watercraft through delivery of an application to the department, and requires secured parties to deliver termination statements within 20 days of demand or within 30 days after obligations are satisfied, with liability for damages from failure to comply.