When a vehicle subject to titling under this chapter is acquired from a dealer or another person by sale or otherwise, the new owner of the vehicle shall have seven (7) full working days, exclusive of the date of delivery, within which to make application for the required privilege license tag.

No privilege license tag shall be issued by any tax collector or the State Tax Commission if the vehicle is subject to titling under this chapter unless the vehicle owner makes an application therefor and shall thereupon tender his application for certificate of title with the application for a privilege license. If, however, the vehicle owner already has a certificate of title, then the original certificate or, if his original certificate be in the hands of a lienholder, then his duplicate certificate or other official document as prescribed by the State Tax Commission shall be tendered to the tax collector or the State Tax Commission. The tax collector or the State Tax Commission, as the case may be, shall thereupon enter the number of the application or certificate on the privilege license application and on the privilege license receipt.

The provisions and requirements of this section implement the provisions and requirements of Section 27-19-59 and Section 27-19-61. Nothing contained in this section or in this chapter shall in any way amend or supersede any of the existing statutes of this state or any of the provisions or requirements of such statutes with respect to the registration of vehicles and making applications for privilege licenses for vehicles. However, the State Tax Commission shall by suitable rules and regulations provide for the implementation of the requirements of this section and this chapter with the requirements of existing statutes with respect to the registration of vehicles and with respect to obtaining privilege licenses therefor.