The owner of any vehicle intended to be driven upon the ways of this state only for the purpose of transporting the vehicle to another jurisdiction where it is to be registered may apply to the division for issuance of an in-transit registration for such vehicle. Application shall be made on a form furnished by the division for such purposes and shall contain such information as the director may require. If satisfied that the vehicle is to be driven as provided in this section, the division, upon payment of a fee of $10, shall assign to such vehicle a distinctive number and deliver to the applicant an in-transit registration valid for a period of 20 days from the date of issuance, in such form as the director shall prescribe. The registration shall specify the terms and conditions under which the vehicle may be driven upon the ways of this state, and no such vehicle shall be operated in violation of such terms and conditions.