46 U.S.C. § 55332: Designating American Great Lakes vessels

an application for designation is submitted to the Secretary under regulations prescribed by the Secretary; the vessel is documented under the laws of the United States; at least 1, but not more than 6, years old; or at least 1, but not more than 11, years old if the Secretary finds that suitable vessels are not available to provide the type of service for which the vessel will be used after the designation; the vessel has not previously been designated as an American Great Lakes vessel; and the owner makes an agreement as provided under subsection (b). the approximate world market value of the vessel; or the cost of the vessel to the owner less a reasonable amount for depreciation. documenting the vessel under the laws of a foreign country; or selling the vessel to a person not a citizen of the United States. The Secretary shall prescribe regulations establishing requirements for submitting applications under this section.