Abandoned Vessel Prevention Act

Chapter 301 of title 46, United States Code, is amended by adding at the end the following new section:

Except as provided in subsection (b), any person who transfers title of a covered vessel to another for use as a recreational vessel shall be liable for any specified expenses resulting from the vessel sinking on navigable waters of the United States.

Subsection (a) shall not apply to a vessel less than 35 feet in length or fewer than 40 years old.

Subsection (a) shall not apply to a person who transfers title of a covered vessel to a person who, at the time of the transfer, has insurance—

(A) applicable to the vessel for the 12-month period beginning on the date of the transfer; and

(B) that, in the case the vessel sinks, covers specified expenses.

In this section:

The term commercial vessel has the meaning given such term in section 4462(a)(4) of the Internal Revenue Code of 1986 (26 U.S.C. 4462(a)(4)).

The term covered vessel means—

(A) commercial vessel; or

(B) a recreational vessel that was previously a commercial vessel.

The term specified expenses mean, with respect to a sunken vessel—

(A) damages attributable to the sinking of the vessel; and

(B) expenses relating to—

(i) removal of the vessel and any debris;

(ii) clean-up of any pollution attributable to the sinking of the vessel; and

(iii) any shut down of, or repairs or maintenance to, a water intake pump as a result of pollution attributable to the sinking of the vessel.

The term recreational vessel has the meaning given such term in section 2101 of title 46, United States Code.

The table of sections for chapter 301 of title 46, United States Code, is amended by adding at the end the following new item: