(a) Except as provided in subsection (d) of this section, any owner of a vessel principally used on the waters of the State and to be numbered shall apply to the Department for a certificate of title for the vessel.

(b) Each certificate of title shall contain the information and shall be issued in a form the Department prescribes.

(c) The Department may not issue or renew a certificate of number to any vessel required to be registered and numbered in the State unless the Department has issued a certificate of title to the owner.

(d) A person who on July 1, 1965, is the owner of a vessel with a valid certificate of number issued by the State is not required to file an application for a certificate of title for the vessel unless the person:

(e) Every owner of a vessel subject to titling under the provisions of this subtitle shall apply to the Department for issuance of a certificate of title for the vessel within 30 days after acquisition. The application shall be on forms the Department prescribes, and accompanied by the required fee and tax. The application shall be signed and sworn to before a notary public or other person who administers oaths, or a certification signed in writing containing substantially the representation that statements made are true and correct to the best of the applicant's knowledge, information, and belief, under penalty of perjury. The application shall contain the date of sale and gross price of the vessel or the fair market value if no sale immediately preceded the transfer, and any additional information the Department requires. If the application is made for a vessel last previously registered or titled in another state or foreign country, the application shall contain this information and any other the Department requires.

(f) If a dealer buys or acquires a used vessel for resale, the dealer shall report the acquisition to the Department on forms the Department provides, or the dealer may apply for and obtain a certificate of title as provided in this subtitle. If a dealer buys or acquires a used non-Maryland numbered vessel, the dealer shall apply for a certificate of title in the dealer's name within 15 days. If a dealer buys or acquires a new vessel for resale, the dealer may apply for a certificate of title in the dealer's name. These transactions are exempt from title tax.

(g) Every dealer transferring a vessel requiring titling under this subtitle shall assign the title to the new owner or, in the case of a new vessel, assign the certificate of origin. Within 30 days, the dealer shall forward all title taxes, fees, and applications to the Department.

(h) The Department shall maintain a record of any certificate of title the Department issues.

(i) A person may not sell, assign, or transfer a vessel titled by the State without delivering to the purchaser or transferee a certificate of title with an assignment on the certificate of title showing title in the purchaser or transferee. A person may not purchase or otherwise acquire a vessel required to be titled by the State without obtaining a certificate of title for the vessel in the person's name.