HB 314 — Georgia Uniform Certificate of Title for Vessels Act by Rep. Ron Stephens (R), Savannah, was passed by the Senate with a vote of 46-2 on Thursday. If the bill is signed by the Governor, then this will mean big changes for boats in Georgia. Every vessel using the waters of this state shall be titled unless it is exempt from the numbering requirements. Every outboard motor greater than 25 horsepower used to propel a tilted vessel shall be included in the vessel title. Fees for numbering vessels for registration period of three years are outlined within the bill. The effective date of this legislation will be July 1, 2020. It is important to note that the additional titling requirements may impact the way your institution perfects its security interest in boats within the State of Georgia. Assuming the bill is signed by the Governor, we would encourage you to review your policies with respect to making loans secured by boats to ensure that they remain adequate in light of the changes to Georgia law outlined in this bill.
EVP, Chief of Staff, Government & Regulatory Relations
Lori represents and protects the interests of community banks during Georgia’s General Assembly, calls on banks throughout the year, oversees the Association’s PAC/PR fundraising efforts and assists with our Banker Regulatory Forums.
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