"If a boat, which is registered with the State of Michigan to someone other than the property owner where the boat is docked, has remained on that property for a period of seventy-two (72) consecutive hours, the police agency shall do all of the following:
(1) Determine if the boat has been reported stolen;
(2) Affix a written notice to the boat, which shall contain the following information:
i. The date and time of the notice was affixed;
ii. The name and address of the police agency taking the action;
iii. The name and badge number of the police officer affixing the notice;
iv. The date and time the vehicle may be taken into custody and stored at the owner's expense; and,
v. The year, make identification number of the boat, if available.
(3) If a boat is not removed within forty-eight (48) hours after the date of the notice was affixed, the police agency may have the vehicle taken into custody.
(4) Within seven (7) days after taking the boat into custody, the police agency shall send to the registered owner and any secured party of record, by first class mail or personal service, notice that the boat has been taken into custody.
(5) Within twenty (20) days after the notice of custody has been sent to the registered owner or secured party of record, the owner may request a hearing for review of the procedures or reasonableness of towing and storage fees.
(6) The owner of the boat who requests a hearing may obtain release of the boat by posting a towing and storage bond with the court in an amount equal to the towing and storage fees. If the court finds that procedures were not properly followed, the police agency shall reimburse the owner of the boat for the accrued towing and storage fees.
(7) If the owner does not request a hearing, he or she may obtain the release of the boat by paying the accrued charges to the custodian of the boat.
(8) If the owner does not redeem the boat or request a hearing within twenty (20) days after the date of the notice of custody, any secured party of record may obtain the release of the boat by paying the accrued charges and costs to the custodian of the boat and the police agency.
(9) Not less than twenty (20) days after the disposition of the hearing described in subsection (5), or if a hearing is not requested, no less than twenty (20) days after the date of the notice of custody, the police agency shall offer the boat for sale at a public hearing."