(a)
(1) When the owner of any motor vehicle, excepting Class One trucks and passenger automobiles other than buses, registered and licensed in this state, shall sell or transfer the motor vehicle or when the motor vehicle has been destroyed so as to be unfit for repair or further use, and the owner shall replace the vehicle with another motor vehicle requiring payment of the same registration or license fee, the owner may, at his or her election, transfer the license plate and registration of the vehicle being so disposed of to the vehicle acquired as a replacement thereof, upon payment to the Secretary of the Department of Finance and Administration of a transfer fee of ten dollars ($10.00) per vehicle.
(2) If at the time of transfer the replacement vehicle shall require payment of a larger license fee than the vehicle transferred, the owner shall pay the difference in addition to the transfer fee.
(3) The owner may elect not to transfer the registration and license plate, in which event the transfer of the vehicle shall be governed as provided by law.
(b) The secretary shall provide suitable forms to enable owners electing to do so to transfer license plate or plates and registration and make payment of the fee provided in this section and shall be empowered to make reasonable rules governing these transfers.