(a) Except as provided in section 339 of this chapter, if the ownership of a motor vehicle is transferred, the transferor of such motor vehicle shall, within twenty-four hours of such transfer, notify the Director of Motor Vehicles of such transfer on forms provided by the Director for such purpose. Upon receipt of such notice, the Director shall note such transfer of ownership on the registration license of the transferor, shall cancel such registration license by marking the word “cancelled” across the face thereof, and shall void the license plates issued with such registration license subject to the provisions of section 332 of this chapter; provided, however, that such cancellation and voiding shall not be effective until forty-eight (48) hours after the Director has received such notice of transfer. The motor vehicle so transferred may be operated during such forty-eight (48) hour time period; provided, however, that such motor vehicle may not be operated after the expiration of such forty-eight (48) hour time period unless the transferee of the ownership of such motor vehicle has applied for and received a registration license and license plates for such motor vehicle pursuant to the provisions of section 332 of this chapter. The provisions of this section shall not apply to sales of motor vehicles, not previously registered, by dealers who have secured dealers' licenses.
(b) Whenever any person after applying for and/or receiving a registration of ownership of a vehicle or a driver's license shall move from the address named in such application, license or vehicle registration issued to him or when the name of a licensee is changed by marriage or otherwise such person shall within thirty (30) days thereafter notify the Director of Motor Vehicles in writing of his old and new address or of such former and new names and of the number of any license then held by him. Any person who fails to comply with the provisions of this subsection may be fined not more than $75.