Cutting the line leaves a large hook in the mouth. Removing the hook means risking life or limb while attempting something stupid in the water. Landing the shark, removing the hook and releasing it cost him $550 in fines I'm told. Most of the ones I've caught were less than 20 ft off the beach. No need for a surf board or kayak.
http://www.delawareonline.com/article/20110726/NEWS/110726042/New-shark-rules-bite-one-angler
http://www.delawareonline.com/article/20110726/NEWS/110726042/New-shark-rules-bite-one-angler