(a) A vessel owner applying for a California certificate of title without the required proof of ownership may submit a bond as authorized by Vehicle Code section 9923. The bond shall be executed by an admitted surety insurer on an Undocumented Vessel Surety Bond, form REG 5058 (REV. 10/2005), which is hereby incorporated by reference. The bond shall be subject to chapter 2 (commencing with Section 995.010), title 14, of part 2 of the Code of Civil Procedure.

(b) The penal sum of the bond shall be in the amount of the fair market value of the vessel.

(c) A vessel owner applying for a California certificate of title without the required supporting evidence of ownership may submit a deposit equal to the monetary amount appraised in Section 190.03 (b)(1)(A) or calculated in Section 190.03(b)(1)(B) in lieu of the bond as provided in Section 995.710 of the Code of Civil Procedure. The deposit in lieu of a surety bond shall be executed on a Vehicle, Vessel or Off-Highway Vehicle Title Deposit Agreement and Assignment, form REG 5059 (NEW 10/2009), which is hereby incorporated by reference. The form shall meet the guidelines identified in the Code of Civil Procedure section 995.710. The form shall also identify the deposit method authorized by the Code of Civil Procedure section 995.710 that is chosen by the depositor.