Every taxicab and limited public motor vehicle engaged in the transportation of passengers for compensation over the highways of this state, subject to the provisions of this chapter, shall apply to the administrator for the issuance of a vehicle identification device for the registration and identification of vehicles. The application shall be accompanied by a filing fee in the amount of twenty dollars ($20.00) for each identification device for which an application is made. All revenues received under this section shall be deposited as general revenues. The identification device shall be furnished annually to every carrier whose duty it shall be to apply therefor. It shall be unlawful for any taxicab or limited public motor vehicle to be engaged in transporting passengers for compensation without the owner thereof having applied for and received the required identification device, unless the vehicle is exempted from the provisions of this chapter. Each identification device shall be accompanied by a registration card issued by the administrator which shall be in the possession of the vehicle’s driver, when the vehicle is operating. Transfers of the identification device from one vehicle to another are hereby prohibited unless authorized by the administrator. The administrator, in his or her discretion, may refuse to reissue the identification device to the holder of any certificate or permit pending any complaint or hearing upon the question of revocation or suspension or in which such question is involved. The administrator shall prescribe reasonable rules and regulations governing the registration and identification of motor vehicles authorized for operation under this chapter.