When the owner of a registered aircraft sells, transfers, or assigns his or her interest thereto, the registration certificate issued for that aircraft shall be returned to the commission within 15 days together with the date and place of sale, transfer, or assignment, the value received, and the name and residence of the purchaser, transferee, or assignee. Within 15 days the purchaser, transferee, or assignee shall apply for the transfer of the registration certificate, if the aircraft remains subject to registration as defined in this act. The fee for the transfer of the registration certificate shall be $5.00.