REQUIREMENTS FOR PURCHASING FEDERALLY AUCTIONED VESSELS.

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:“§ 57112.46 USC 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;138 STAT. 2318 “(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,46 USCprec. 57100. is amended by adding at the end the following: “57112. Requirements for purchasing federally auctioned vessels.”.