(a) Special registration plates issued to a financial institution under § 13-623 of this title are Class 3 (finance company) registration plates.

(b) For Class 3 (finance company) registration plates, the annual registration fee for each registration plate issued to the applicant shall be established by the Administration.

(c) A Class 3 (finance company) registration plate may be used only on vehicles repossessed by or on behalf of the financial institution, and only as permitted by § 13-623 of this title.