The division shall reregister a vehicle in the name of the new owner and issue a new certificate of registration and a new certificate of title:

1. (1) upon receipt of the:

   1. (a) properly endorsed certificate of title;
   2. (b) certificate of registration;
   3. (c) proper application for registration; and
   4. (d) required fee; and
2. (2) when satisfied as to the genuineness and regularity of the transfer and the right of the transferee to a certificate of title.

Renumbered and Amended by Chapter 1, 1992 General Session