1. (a) The bureau shall collect an administrative penalty of ten dollars ($10) if:

   1. (1) a purchaser or transferee of a salvage vehicle fails to apply for a certificate of salvage title or a transfer of title, by assignment, not later than forty-five (45) days after the salvage vehicle is purchased or otherwise acquired; or

   2. (2) the owner of a salvage vehicle retains possession of the salvage vehicle and the owner fails to apply for a certificate of salvage title not later than forty-five (45) days after the settlement of loss with the insurance company.

      The fee shall be deposited in the motor vehicle highway account.

2. (b) Except as provided in section 4.4 of this chapter, a person that violates this section commits a Class D infraction.

As added by P.L.198-2016, SEC.387.