(1) The commission is authorized to negotiate and consummate reciprocal agreements with the duly authorized officials or representatives of any states of the United States, whereby residents of other states who operate commercial motor vehicles may allocate and apportion the registration of commercial motor vehicles in accordance with any formula mutually agreed upon between the commission and the representatives or officials of the state if residents of this state are granted the same allocation and apportionment privileges for commercial motor vehicles' registration in the other state.
(2) Nothing in this section shall be construed as relieving any motor vehicle owner or operator from complying with all laws, rules, and regulations pertaining to the safety of operation of motor vehicles, the highway maximum weight standards, and the preservation of the highways of this state.
(3) In the making of any reciprocal agreement, the commission shall exercise due regard for the advantage and convenience of resident motor vehicle owners and the citizens of this state.
(4) No agreement shall be entered into with any state extending privileges and exemptions to motor vehicle operators of the state unless that state accords equal or greater privileges and exemptions to Arkansas motor vehicle operators.