(i) no major component part of the motor vehicle has been replaced since the theft of such vehicle,

(ii) repairs made to the motor vehicle since the recovery of such vehicle either have not exceeded one-fourth of the amount paid by the insurance company in settlement of the claim or have not exceeded one thousand dollars,

(iii) the vehicle identification number and all other manufacturers' identifying numbers on the motor vehicle have been examined by the insurance company and are intact in the same form as at the time of the theft of such vehicle,

(iv) an affidavit sworn to by an officer of the insurance company is submitted by the insurance company which made payment in settlement of the claim for theft with the application for title certifying to the above conditions, which affidavit shall also certify additional facts as required by the commissioner relating to the theft and recovery of such vehicle and the amount of settlement and repair costs. 3. The commissioner may, by regulation, exempt vehicles from the physical examination required by subdivision one of this section based upon the age of the vehicles if the commissioner deems that such physical examination would not further the purposes of the motor vehicle theft prevention program established by section two hundred twenty-three of this chapter. 4. Fees; deposited. Fees assessed under this section shall be paid to the commissioner for deposit to the general fund, with the exception of the fifty dollar increase in the fee for scheduling an examination pursuant to subdivision one of this section, which shall be deposited to the dedicated highway and bridge trust fund established pursuant to section eighty-nine-b of the state finance law and the dedicated mass transportation fund established pursuant to section eighty-nine-c of the state finance law and distributed according to the provisions of subdivision (d) of section three hundred one-j of the tax law.