(This measure has not been amended since it was reported to the House on June 8, 2004. The summary of that version is repeated here.)
Cape Town Treaty Implementation Act of 2004 - Provides for implementation of the Convention on International Interests in Mobile Equipment, as modified by the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment, signed at Rome on May 9, 2003, or Cape Town Treaty (an electronic registry system for internationally established and recognized financing and leasing rights).
Amends Federal aviation law to revise requirements for the Federal Aviation Administration (FAA) system for recording conveyances that affect an interest in U.S. civil aircraft. Reduces from 750 to 550 the rated take-off horsepower (or equivalent) of any specifically identified aircraft engine with respect to which leases and security instruments are to be recorded in such system.
Designates the FAA Civil Aviation Registry as the United States Entry Point to the International Registry (established by the Cape Town Treaty) with respect to: (1) U.S. aircraft; (2) aircraft engines; and (3) any aircraft for which a U.S. identification number has been assigned, but only with regard to a notice filed under a system established by the Administrator for filing notices of prospective assignments and prospective international interests in, and prospective sales of, aircraft or aircraft engines under the Cape Town Treaty. Directs the FAA Administrator to establish such a system. Requires related documents to be filed for recordation within 60 days after such a notice is filed, or the notice, and any related registration with the International Registry, shall not be valid.
Makes any registration with the International Registry relating to an aircraft (other than aircraft engines) valid only if the person seeking the registration first files documents meeting the recordation requirements, and the U.S. Entry Point authorizes the registration.
Directs the Administrator to issue regulations which specify, at a minimum, the requirements for: (1) the registration of aircraft previously registered in a country in which the Cape Town Treaty is in effect; and (2) the cancellation of registration of a U.S. civil aircraft based on a request made in accordance with the Cape Town Treaty.