(a) No salvage vehicle purchaser shall possess or retain a salvage vehicle which does not have a salvage certificate. The salvage vehicle purchaser shall display the salvage certificate upon the request of any appropriate public official. In the event of the sale or assignment of the salvage vehicle, the salvage certificate shall be assigned to the new salvage vehicle purchaser, who shall make application for a new salvage certificate to the Bureau of Motor Vehicles within fifteen (15) days of sale or assignment.
(b) A salvage vehicle purchaser shall file a report with the Bureau that evidences the salvage vehicles obtained and sold, or otherwise disposed of by the salvage vehicle purchaser. The Director of the Bureau shall determine the format of the report and the frequency of the filing.
(c) The person named in the salvage certificate or an assignee shall surrender the salvage certificate to the Bureau of Motor Vehicles not later than five (5) days after the salvage vehicle is destroyed or dismantled.
(d) A salvage vehicle purchaser who fails to file a report as required in subsection (b) shall be fined not less than $500 but not more than $1,000.