(1) When the owner of a vehicle licensed to operate for hire takes the vehicle out of the for-hire service, the Secretary of the Department of Finance and Administration, upon the payment of a transfer charge of two dollars ($2.00), will cause the license for the vehicle to be transferred to another vehicle for like use to be registered by the owner.
(2) If the fee for registration and licensing the vehicle under registration is greater than that represented by the license to be transferred, then the secretary shall, in addition, collect an amount equal to the excess payable for the vehicle under registration.
(3) No refund will be due in the event that the fee for registration and licensing the vehicle under registration is less than that represented by the license to be transferred.
(4) Upon the transfer of a license, the secretary will cause to be cancelled all registrations on the vehicle taken out of for-hire service.
(5) In the event the vehicle is thereafter used upon the highways of the State of Arkansas, the owner thereof must cause it to be reregistered in the usual manner.