(1) A U-Drive-It who becomes an approved entity as defined in KRS 186A.005 may use the electronic title application and registration system established under KRS 186A.017 to:
(a) Apply for initial or renewal registration on vehicles in its fleet; or (b) Submit the appropriate fees and taxes to maintain permanent registration on vehicles in its fleet in accordance with KRS 186A.127.
(2) The cabinet shall promulgate administrative regulations in accordance with KRS Chapter 13A to set forth procedures for holders of U-Drive-It certificates who meet the definition of an approved entity under KRS 186A.005 to access the electronic title application and registration system for initial or renewal registration and payment of annual fees and taxes on permanent registrations.