If the vehicle is assessed by the commission under Section 59-2-201, the commission before issuing a registration shall be satisfied that the:

1. (1) property tax or in lieu fee on the vehicle has been paid;
2. (2) vehicle is exempt from the payment of the tax or in lieu fee; or
3. (3) tax or in lieu fee is secured by a lien on real estate or by a bond.

Renumbered and Amended by Chapter 1, 1992 General Session