If a dealer buys a vehicle, holds it for resale, and obtains the certificate of title from the owner or the lienholder, then the certificate need not be sent to the Commissioner. When the dealer transfers the vehicle to a person, other than by the creation of a security interest, he or she shall simultaneously execute the assignment and warranty of title by filling in the spaces on the certificate of title or as prescribed by the Commissioner or, if title is held by a finance source, execute a form prescribed by the Commissioner that provides proof of the transfer but does not release the lien. The certificate shall be mailed or delivered to the Commissioner with the transferee's application for a new certificate. (Added 1969, No. 297 (Adj. Sess.), § 1, eff. Sept. 1, 1971; amended 2001, No. 69, § 5; 2019, No. 60, § 20.)