In the August 9, 2002, Federal Register, the Coast Guard publishes a Supplemental Notice of Proposed Rulemaking to solicit further comment on its previous NPRM entitled, "Vessel Documentation
: Lease-Financing for Vessels Engaged in the Coastwise Trade." The regulations implement a 1996 federal law codified at 46 U.S.C. 12106(e), which was designed to enlarge vessel financing sources by allowing lease financing to be offered by companies which are less than 75% U.S.-owned. The notice explains the history of the 1996 law and the proposed regulations. Comments on these proposed regulations must reach the Department of Transportation's Docket Management Facility by October 8, 2002.
Source: Marine Legal Update