Sec. 3532. REQUIREMENTS FOR PURCHASING FEDERALLY AUCTIONED VESSELS
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## SEC. 3532 REQUIREMENTS FOR PURCHASING FEDERALLY AUCTIONED VESSELS ###
(a)In General Chapter 571 of title 46, United States Code, is amended by adding at the end the following: > > ## “SEC. 57112 Requirements for purchasing federally auctioned vessels > > > ### “(a) In General > > To be eligible to purchase a covered vessel from the Federal Government, a person shall provide proof of— > > > #### “(1) > > liability insurance for the operator of such covered vessel; > > > #### “(2) > > financial resources sufficient to cover maintenance costs of such covered vessel; and > > > #### “(3) > > with respect to a covered vessel requiring documentation under chapter 121, an admiralty bond or stipulation. > > > ### “(b) Covered Vessel Defined > > In this section, the term ‘covered vessel’ means— > > > #### “(1) > > a government owned vessel disposed of in accordance with this part and section 548 of title 40; > > > #### “(2) > > a vessel seized or forfeited pursuant to any law, and auctioned by the Federal Government, including a vessel seized or forfeited pursuant to section 7301 or 7302 of the Internal Revenue Code of 1986; or > > > #### “(3) > > a fishing vessel seized or forfeited pursuant to section 310 of the Magnuson-Stevens Fishery Conservation and Management Act (16 U.S.C. 1860).” > . ###
(b)Clerical Amendment The analysis for chapter 571 of title 46, United States Code, is amended by adding at the end the following:" “57112. Requirements for purchasing federally auctioned vessels.” ".
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Sec. 3532
REQUIREMENTS FOR PURCHASING FEDERALLY AUCTIONED VESSELS
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