(a) Notwithstanding § 502.040, the owner of a vehicle may concurrently apply for a title and for registration through the county assessor-collector of the county in which:
(1) the owner resides;
(2) the vehicle is purchased or encumbered; or
(3) the county assessor-collector is willing to accept the application.
(b) The first time an owner applies for registration of a vehicle, the owner may demonstrate compliance with § 502.046(a) as to the vehicle by showing proof of financial responsibility in any manner specified in § 502.046(c) as to:
(1) any vehicle of the owner; or
(2) any vehicle used as part of the consideration for the purchase of the vehicle the owner applies to register.