(1) Any person who is the owner of an antique motorcycle may, upon application to the Office of Motor Vehicle, register it as an antique motorcycle upon the payment of a fee of five dollars ($5.00) and be furnished a license plate of distinctive design to be displayed in lieu of the usual license plate.
(2) This plate, in addition to the identification number, shall identify the vehicle as an antique motorcycle owned by an Arkansas collector.
(3) The registration shall be valid while the motorcycle is owned by the applicant without the payment of any additional fee, tax, or license.