Except as provided in Subsection 41-1a-401(1)(c), if a person who has been issued a personalized license plate sells, trades, or otherwise releases ownership of the vehicle for which the personalized license plate has been issued, that person shall immediately:
(1) apply to display the license plate on a different vehicle owned by the person; or
(2) surrender the license plate to the division and release his priority to the letters and numbers displayed on the personalized license plate.