The Department of Motor Vehicles may issue at the request of the owner of a vehicle as defined in § 56-3-700 of the 1976 Code a registration and license plate for a registration period of five years if the required five-year registration and license fee is paid to the department. The transfer of registration and license plates for vehicles in this classification shall be as provided in Sections 56-3-1260, 56-3-1270, 56-3-1280, 56-3-1290 and 56-3-1300. The department shall require the vehicle owner to remit any additional registration fee if an increase in the registration fee is subsequently enacted. The failure of an owner to pay such fee shall result in the cancellation of the registration and license plate.