(a)

(1) Whenever the owner or lessee of a registered vehicle transfers or assigns his or her title, or interest thereto, the registration of the vehicle shall expire.

(2) The owner or lessee shall remove the license plate or plates therefrom.

(3)

(A) The owner or lessee may have theplate or plates assigned to another vehicle upon payment of the fees required by law and subject to the rules and regulations of the Office of Motor Vehicle.

(B) Whenever the owner or lessee elects to assign the plate or plates to a replacement vehicle, the owner may display the plate or plates on the replacement vehicle prior to registering the vehicle within the time permitted by § 27-14-903 provided that the owner has complied with § 27-14-701(c).

(b)

(1) The owner or lessee shall pay a transfer fee of one dollar ($1.00).

(2) If the fee for registering and licensing the vehicle to be registered is greater than the registration fee paid for the vehicle originally licensed, then the office shall, in addition, collect an amount equal to the excess payable for the vehicle to be registered.

(3) No refund will be due in the event that the fee for registering and licensing the vehicle to be registered is less than that represented by the license to be transferred.

(c) The owner or lessee shall pay any additional fee which shall be required under the registration laws of this state.

(d) The owner shall endorse an assignment and warranty of title upon the certificate of title for the vehicle, and he or she shall deliver the certificate of title to the purchaser or transferee at the time of delivery of the vehicle, except as provided in §§ 27-14-906 and 27-14-909.