(1) All ferries operating in competition with state-owned toll bridges shall be subject to regulation as to ferry rates by the State Highway Commission and the rates to be charged shall be the same as the traffic rates prevailing upon the state-owned toll bridge with which the ferry is operated in competition.
(2) Any ferrykeeper operating and a competing ferrykeeper charging less than the rate fixed on state-owned toll bridges shall be deemed guilty of a misdemeanor and punished by a fine not to exceed fifty dollars ($50.00) for each separate offense. However, the commission, in its discretion, may fix a lower rate on those ferries for all vehicles other than motor-propelled vehicles and riparian landowners or tenants on the lands for passing from one part of a farm to another owned or leased by the landowner or tenant.
(3) No ferry shall be declared to be in competition with the state-owned toll bridge unless it is within three (3) miles of a state-owned toll bridge.