(1) If a collector's item, street-rod vehicle, or horseless carriage is twenty-five years old or older, the applicant has had a certified vehicle identification number inspection performed on the vehicle, and the applicant presents a notarized bill of sale within twenty-four months after the sale with the title application, then the applicant need not furnish surety under section 42-6-115 (3). To be excepted from the surety requirement, an applicant shall submit to the department a sworn affidavit, under penalty of perjury, stating that the required documents submitted are true and correct.
(2) If any person suffers loss or damage by reason of the filing of the certificate of title as provided in this section, the person shall have a right of action against the applicant and the surety on the applicant's bond, against either of whom the person damaged may proceed independently of the other.
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