(a)  Definition of terms:

(1)  A “street rod” means a motor vehicle that:

(i)  Is a 1948 or older vehicle; or the vehicle was manufactured after 1948 to resemble a vehicle manufactured before 1949; and

(ii)  Has been altered from the manufacturer’s original design; or has a body constructed from nonoriginal materials.

(2)  The model year and the year of manufacture that are listed on the registration certificate of a street rod vehicle shall be the model year and year of manufacture that the body of such vehicle resembles.

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(b)  Registration fee and application for street rods shall be as follows:

(1)  For each such street rod, there shall be a one-time pre-registration surcharge of fifty dollars ($50.00) which said sum(s) shall be accumulated by the division of motor vehicles until such time as said sum reaches an aggregate of twenty-three thousand dollars ($23,000) whereupon said division is authorized to proceed with the ordering/manufacturing of plates as required by subsection (b)(3) of this section. In addition thereto, and from hence forth, there shall be paid regular registration fees required for standard passenger vehicles as determined by the division of motor vehicles.

(2)(i)  In applying for registration of a street rod under this section, the owner of the street rod shall submit with the application a certification that the vehicle for which the application is made:

(A)  Will be maintained for occasional transportation, exhibitions, club activities, parades, tours, and similar uses; and

(B)  Will not be used for general daily transportation.

(ii)  In addition to the certification required under subsection (b)(2)(i) of this section, when applying for registration of a street rod, the new owner of the street rod shall provide proof acceptable to the administration that the street rod passed a safety inspection that has been approved by the administration in consultation with the street rod community in this state.

(3)  On registration of a vehicle under this section, the administration shall issue a special street rod vehicle registration plate of the size and design that the administration determines in consultation with the street rod community in this state.

(4)  Unless the presence of the equipment was specifically required by a statute of this state as a condition of sale in the year listed as the year of manufacture on the certificate of title, the presence of any specific equipment is not required for the operation of a vehicle registered under this section.

(5)  A vehicle registered under this section is exempt from any statute that requires periodic vehicle inspections and from any statute that requires the use and inspection of emission controls.