(a) An application for a salvage certificate shall be accompanied by a fee in an amount determined by the director of finance and shall contain:
(1) The name and address of the applicant;
(2) A description of the vehicle being salvaged; and
(3) Any further information reasonably required by the director of finance.
(b) A salvage certificate shall authorize the holder of the certificate to possess, transport but not drive upon a highway, and transfer ownership in a salvage vehicle.
(c) A salvage certificate shall contain the word "salvage" on the face of the certificate and shall be made upon forms prescribed by the director of finance.