(1) If an instruction permit or a minor driver's license issued under this article is lost, stolen, or destroyed, the person to whom it was issued, upon request and the payment of a fee to the department, may obtain a duplicate or substitute upon furnishing satisfactory proof to the department that the permit or minor license was lost, stolen, or destroyed and that the applicant is qualified to have a permit or license. The department shall set the fees for a first duplicate and for any subsequent duplicate in accordance with section 42-2-114.5. The department shall transfer either fee to the state treasurer, who shall credit it to the licensing services cash fund created in section 42-2-114.5.

(1.5) Upon furnishing satisfactory proof to the department that a driver's license issued under the provisions of this article has been lost, stolen, or destroyed, the person to whom the same was issued shall apply for renewal of the license pursuant to section 42-2-118. The new driver's license shall expire as provided in section 42-2-114.

(1.5) Upon furnishing satisfactory proof to the department that a driver's license issued under this article 2 has been lost, stolen, or destroyed, the person to whom it was issued may apply for a duplicate or replacement of the license pursuant to section 42-2-118. The new driver's license expires as provided in section 42-2-114 if issued under this part 1 or as provided in section 42-2-509(1) if issued under part 5 of this article 2.

(2) Notwithstanding the amount specified for the fee in this section, the executive director of the department by rule or as otherwise provided by law may reduce the amount of the fee 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 the fee is credited. After the uncommitted reserves of the fund are sufficiently reduced, the executive director of the department by rule or as otherwise provided by law may increase the amount of the fee as provided in section 24-75-402 (4), C.R.S.