(a) Any demolisher who purchases or otherwise acquires a vehicle for purposes of wrecking, dismantling, or demolition shall not be required to obtain a certificate of title for such vehicle in his own name. After the vehicle has been demolished, processed, or changed so that it physically is no longer a vehicle, the demolisher shall surrender for cancellation the certificate of title or sales receipt issued under Section 56-5-5850.
(b) A demolisher shall keep an accurate and complete record of all vehicles purchased or received by him in the course of his business. These records shall contain the name and address of the person from whom each vehicle was purchased or received and the date when such purchases or receipts occurred. The records shall be open for inspection by any law enforcement officer at any time during normal business hours. Any record required by this section shall be kept by the demolisher for at least one year after the transaction to which it applies.