(a) All owners of three-wheeled, four-wheeled, or six-wheeled all-terrain vehicles that are not otherwise required to be registered by law shall register them with the Secretary of the Department of Finance and Administration within thirty (30) calendar days of acquiring them.
(b)
(1) The owners shall offer proof of ownership satisfactory to the Department of Finance and Administration.
(2)
(A)
(i) If the person seeking to register the all-terrain vehicle cannot offer satisfactory proof of ownership, the department may register it if the person seeking registration posts a bond equal to at least one and one-half (1½) times the market value of the all-terrain vehicle.
(ii) The bond shall be a cash bond, a letter of credit, a surety bond issued by a fidelity or surety company authorized to do business in Arkansas, or a personal bond signed by at least two (2) property owners in this state.
(iii) The bond shall be for a period of three (3) years and made payable to the department to be used by the department to pay any valid claim arising from the disputed ownership of the all-terrain vehicle.
(B)
(i) If the three-wheeled or four-wheeled all-terrain vehicle was manufactured on or before December 31, 1992, then proof of ownership shall not be required to obtain registration, and a statement of ownership shall be accepted as proof of ownership.
(ii) The statement of ownership may be prepared by the person and shall contain the following information:
(a) The person's name;
(b) A description of the vehicle;
(c) A statement that the vehicle was manufactured on or before December 31, 1992;
(d) A statement of ownership; and
(e) The person's signature.
(iii) The provisions of this subdivision (b)(2)(B) shall not apply to six-wheeled all-terrain vehicles.
(c) The cost of registration shall be five dollars ($5.00).