(a) On receipt of a properly assigned certificate of title, an application for a new certificate of title, the required fee, and any other documents and information required by law, the Administration shall issue a new certificate of title in the name of the transferee as owner and mail it to him.

(b) The Administration shall:

(1) File each surrendered certificate of title; and

(2) Maintain the file to permit the tracing of title of any vehicle designated in it.