A foreign privately-owned-and-operated passenger vehicle of a nonresident, otherwise subject to registration and license under the provisions of this chapter may be operated within this State without being registered and licensed under the provisions of this chapter, subject to the conditions that the vehicle is at all times, when operated in this State, duly registered or licensed in the state, territory, district, or country of residence of the owner and that there is displayed thereon a valid registration card and registration or license plate or plates. The vehicle of a nonresident must be registered and licensed pursuant to this chapter upon the earlier of a nonresident's:

1. (1) subsequent establishment of domicile in this State, or
2. (2) operation of the vehicle in this State for an accumulated period exceeding one hundred fifty days.