(1) Except for motor vehicles that are entitled to registration under section 42-12-301, owners of collector's items shall apply for a title, register, and pay a specific ownership tax in the same manner as provided in this title for other motor vehicles, with the following exceptions:

(a) Such collector's items are registered for periods of five years. The taxes and fees imposed for registration of a collector's item for each five-year registration period is equal to five times the annual taxes and fees that would otherwise be imposed for the registration of the motor vehicle under this title and under title 43, C.R.S.; except that the amount of a surcharge imposed pursuant to section 43-4-804 (1)(a) or 43-4-805 (5)(g), C.R.S., is the amount specified in the applicable section. In addition to any other taxes and fees, if a collector's item is registered in a county that is a member of a highway authority and the authority has imposed an annual motor vehicle registration fee pursuant to section 43-4-506 (1)(k), C.R.S., then five times such annual motor vehicle registration fee is imposed and remitted to the authority.

(b) The motor vehicle's compliance with emissions standards is governed by section 42-12-404.

(c) The annual registration fee for a truck or truck tractor that has an empty weight of six thousand one pounds or more, or a declared gross vehicle weight of sixteen thousand one pounds or more and is a collector's item, is sixty-five dollars if such vehicle is used exclusively for noncommercial transportation and only used to drive:

(I) To and from assemblies, conventions, or other meetings where such vehicles and their ownership are the primary interest;

(II) For special occasions, demonstrations, and parades and on occasions when their operation on the streets and highways will not constitute a traffic hazard; or

(III) Traveling to, from, and during local, state, or national tours held primarily for the exhibition and enjoyment of such vehicles by their owners.

(d) For purposes of paragraph (c) of this subsection (1), "noncommercial transportation" means a truck or truck tractor used exclusively for private transportation of passengers or cargo for purposes unrelated in any way to a business or commercial enterprise.

(2)

(a) An owner of a collector's item that is not operated upon the highways of this state and that is kept on private property for the purpose of maintenance, repair, restoration, rebuilding, or any other similar purpose shall pay an annual specific ownership tax as provided in section 42-3-106 on any such motor vehicle owned by the owner, except owners of parts cars or licensed garages or licensed automobile dealers. The owner shall pay the specific ownership tax in the manner provided in section 42-12-301.

(b) Upon payment of the specific ownership tax as provided in this subsection (2), the department shall issue to the owner of the motor vehicle for which the tax has been paid a license, sticker, decal, or other device evidencing such payment, as may be prescribed by the director. When such device or license is affixed to the motor vehicle for which it is issued, the owner of that motor vehicle is permitted to keep such motor vehicle on private property for the purposes of maintenance, repair, restoration, rebuilding, or renovation.

(3) Notwithstanding the amount specified for any fee in subsection (1) of this section, the director by rule or as otherwise provided by law may reduce the amount of one or more of the fees if necessary pursuant to section 24-75-402 (3), C.R.S., to reduce the uncommitted reserves of the fund to which all or any portion of one or more of the fees is credited. After the uncommitted reserves of the fund are sufficiently reduced, the director by rule or as otherwise provided by law may increase the amount of one or more of the fees as provided in section 24-75-402 (4), C.R.S.

(4) An applicant may apply for personalized license plates issued for a motor vehicle registration issued pursuant to this section. If the applicant complies with section 42-3-211, the department may issue such plates upon payment of the additional fee required by section 42-3-211 (6) for personalized license plates. If the applicant has existing personalized license plates for a motor vehicle, the applicant may transfer the combination of letters or numbers to a new set of license plates for the vehicle upon paying the fee imposed by section 42-3-211 (6)(a) and upon turning in such existing plates to the department as required by the department. A person who has obtained personalized plates under this subsection (4) shall pay the annual fee imposed by section 42-3-211 (6)(b) to renew such plates. The fees imposed by this subsection (4) are in addition to all other taxes and fees imposed for collector's license plates.