(a) Notwithstanding § 502.044, the initial registration period is three years for a passenger car or light truck:
(1) that is sold in this state or purchased by a commercial fleet buyer described by § 501.0234(b)(4) for use in this state;
(2) that has not been previously registered in this or another state;
(3) that on the date of sale is of the current or preceding model year; and
(4) for which a rental certificate has been furnished as described by § 152.061(b), Tax Code.
(b) Payment for all applicable fees, including any optional fee imposed under Subchapter H and other registration fees and the fee required by § 548.5035, for the entire registration period is due at the time of registration.