OHV dealers, as defined in § 101 of this title, shall be licensed by the Department in accordance with such rules and regulations as may be promulgated by the Secretary. A fee of $50 shall be assessed for such license which shall be valid for 3 years. OHV dealer licenses are not transferable and may be revoked for violation of such rules and regulations as may be specified for that privilege. OHV dealers shall be required to carry personal liability insurance in an amount at least equal to that required of dealers under no-fault insurance provisions or as otherwise specified by the Department.