(1) REQUIREMENTS. No manufacturer, importer, dealer or other person may sell or otherwise dispose of a new boat to a dealer, to be used by the dealer for purposes of display and resale, without delivering to the dealer a manufacturer’s or importer’s certificate of origin executed in accordance with this section and with those assignments on the certificate as are necessary to show title in the purchaser of the boat. No dealer may purchase or acquire a new boat without obtaining from the seller of the boat the manufacturer’s or importer’s certificate of origin. (2) CONTENTS. A manufacturer’s or importer’s certificate of origin of a boat shall contain, in the form and together with the information the secretary requires, the following information: (a) A description of the boat, including, if applicable, the make, year, length, series or model, hull type and hull identification number of the boat and, for a boat with an inboard motor, the make of the engine and the engine serial number. (b) Certification of the date of transfer of the boat to a distributor, dealer or other transferee, and the name and address of the transferee. (c) Certification that this transaction is the first transfer of the new boat in ordinary trade and commerce. (d) The signature and address of a representative of the transferor. (3) ASSIGNMENT. An assignment of a manufacturer’s or importer’s certificate of origin shall be printed on the reverse side of the manufacturer’s or importer’s certificate of origin in the form prescribed by the secretary. The assignment form shall include the name and address of the transferee, a certification that the boat is new and a warranty that the title at the time of delivery is subject only to the liens and encumbrances that are set forth and described in full in the assignment. Nothing in this subsection requires the transferee to apply for a certificate of title under s. 30.533. (4) NONAPPLICABILITY. Subsection (3) does not apply to or affect: (a) A lien given by statute or rule of law to a supplier of services or materials for the boat. (b) A lien given by statute to the United States, this state or any political subdivision of this state. (c) A security interest in a boat created by a manufacturer or dealer who holds the boat for sale, which shall be governed by the applicable provisions of ch. 409. (5) GUARANTEED ASSET PROTECTION WAIVERS. Any dealer in boats or creditor may offer or sell guaranteed asset protection waivers in connection with the retail sale or lease of boats in this state if the dealer or creditor complies with the same requirements applicable with respect to motor vehicles under s. 218.0148. Any guaranteed asset protection waiver offered or sold under this subsection shall be treated the same as one offered or sold under s. 218.0148, including that the guaranteed asset protection waiver is not insurance.
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