(a) (1) The owner of a fleet of trailers or semitrailers may apply to the Administration for registration under this section of the Class G (trailer) vehicles in the fleet, if:

(i) The fleet consists of at least 25 Class G (trailer) vehicles that are rented or offered for rent for periods of 364 days or less; or

(ii) The fleet consists of at least five Class G (trailer) vehicles with a permitted gross weight of over 10,000 pounds.

(2) Each application made under this section shall contain the information that the Administration requires.

(b) If the applicant pays the fees required by this section and meets the other conditions required by the Administration, the Administration shall issue a special registration plate and registration card for each vehicle for which application is made.

(c) A special registration plate and registration card issued under this section:

(1) May be issued for any period of up to 8 years as the Administration determines;

(2) Shall expire on the date that the Administration determines; and

(3) Until they expire, are valid only:

(i) As long as the applicant retains ownership of the vehicle for which they are issued; and

(ii) If the registration is made on a prorated annual fee basis, as long as the owner pays the required annual fees before the date on which regular Class G registration plates expire.

(d) (1) The fee for registration under this section shall be paid to the Administration, at the election of the applicant, either:

(i) At the time of registration, for the full registration period; or

(ii) Annually, on a prorated fee basis.

(2) The fee for the full registration period for each vehicle is the regular annual fee required for the vehicle under § 13-927 of this subtitle, multiplied by the number of years in the registration period.

(e) If the application is made on a prorated annual fee basis, the applicant shall submit with the application acceptable evidence of a surety bond or irrevocable letter of credit that is:

(1) In a form and with a surety or insured Maryland financial institution approved by the Administration; and

(2) In an amount equal to the total annual fees required for all vehicles registered to the applicant under this section.