The bill amends existing laws regarding the registration of commercial vessels and the management of the derelict vessel prevention program fund in Alaska. It introduces a new exemption for commercial vessels that possess a valid certificate of documentation from the United States Coast Guard and a license issued under specific state statutes. Additionally, the bill modifies the allocation of proceeds from the sale of impounded vessels, directing that any remaining balance after paying administrative costs and lienholders will now be deposited into the general fund instead of the previously designated derelict vessel prevention program fund.

Furthermore, the bill repeals certain sections related to the derelict vessel prevention program fund and establishes a transition provision that allows the balance of the repealed fund to lapse into the general fund, subject to appropriation. This legislative change aims to streamline the registration process for commercial vessels while reallocating funds to the general fund, thereby altering the financial management of derelict vessels in the state.

Statutes affected:
HB0031A, AM HB 31, introduced 01/10/2025: 05.25.055, 16.05.490, 16.05.530, 30.30.055, 30.30.096, 30.30.095, 37.05.146
HB0031Z, AM Enrolled HB 31, introduced 05/20/2025: 05.25.055, 16.05.490, 16.05.530, 30.30.055, 30.30.096, 30.30.095, 37.05.146