1. If a certificate of ownership is lost, stolen, damaged or mutilated, an application for transfer may be made upon a form provided by the Department for a duplicate certificate of ownership. The transferor shall write his or her signature and address in the appropriate spaces provided upon the application and file it together with the proper fees for a duplicate certificate of ownership and transfer.
2. The Department may receive the application and examine into the circumstances of the case and may require an inspection of the power-driven vessel and the filing of affidavits or other information. When the Department is satisfied that the applicant is entitled to a transfer of ownership, the Department may transfer the ownership of the power-driven vessel and issue a new certificate of ownership and certificate of number to the person found to be entitled thereto.