What Consumers Should Know About Yacht and Ship Sales Prior to the
Ft. Lauderdale International Boat Show
October 27, 2010
FT. LAUDERDALE—Ft. Lauderdale is known as the “Yachting Capital of the World,” and with the Ft. Lauderdale International Boat Show occurring from Oct. 28 through Nov. 1, the Department of Business and Professional Regulation reminds consumers to work with state-licensed yacht brokers and salespeople when required by law. Consumers can check licenses at MyFloridaLicense.com by clicking on the “Verify a License” hyperlink.
State law requires Florida licenses for individuals who sell, buy, offer, or negotiate to sell or buy; solicit or obtain listings of; or negotiate the purchase, sale, or exchange of, yachts for other people. Foreign or out-of-state brokers may not physically enter the state of Florida to act as brokers or salespersons without a valid Florida license. A yacht is considered any vessel propelled by sail or machinery in the water that exceeds 32 feet in length, and weighs less than 300 gross tons.
“Working with state-licensed yacht brokers and salespeople is a way of ensuring these individuals have met state standards, including criminal background checks, and it provides consumers with recourse in the event a state law or rule is broken,” said Secretary Charlie Liem.
A license is not required for a person who sells his or her own yacht; a transaction involving the sale of a new yacht; an attorney at law for services rendered in his or her professional capacity; a receiver, trustee, or other person acting under a court order; or, a transaction involving the foreclosure of a security interest in a yacht.
Licensed Florida yacht brokers and salespeople are required to file a surety bond or letter of credit that covers their licensure period. In the event of a violation of the Yacht and Ship Brokers’ Act, anyone harmed as a result of a violation by a licensee may file a claim against the licensee’s surety bond or letter of credit. The division has authority to impose civil penalties up to $10,000 per violation, and suspend or revoke licenses.
DBPR’s mission is to license efficiently and regulate fairly. DBPR licenses more than one million businesses and professionals ranging from real estate agents, veterinarians, and accountants to contractors and cosmetologists. For more information, please visit MyFloridaLicense.com.