(a) It shall be a Class C misdemeanor for any person to fail or neglect to enter the transferee's name on a properly endorsed certificate of title, or fail or neglect to properly endorse and deliver a certificate of title to a transferee or owner lawfully entitled thereto.
(b) Any person found to be in possession of a vehicle with an improperly assigned title which fails to identify the transferee must immediately establish ownership of the vehicle, register the vehicle, and pay the requisite fees, taxes, and penalties.