(a) The department of revenue shall not process an application for reinstatement or renewal of registration of a motor vehicle after a suspension or revocation of the registration under § 55-12-210 until:

(1) The applicant pays all fees owed pursuant to § 55-12-210;

(2) The applicant pays the county reinstatement fee pursuant to subsection (b); and

(3) The applicant provides one (1) of the following:

(A) The owner or operator's proof of financial security in a form approved by the department of revenue;

(B) Proof of exemption from the owner or operator's financial security requirements under this chapter; or

(C) A statement, under penalty of perjury, that the vehicle is not in use on any public road.

(b) There is imposed a county reinstatement fee in the amount of twenty-five dollars ($25.00) for reinstatement or renewal of registration of a motor vehicle after a suspension or revocation of the registration under § 55-12-210. This reinstatement fee is in addition to any other fee imposed under this chapter. All revenues from this county reinstatement fee shall be earmarked for the county clerk's work in administration of the vehicle insurance verification program and shall not revert to the general fund at the end of the budget year if unexpended.

(c) The commissioner of revenue may waive the fees imposed under § 55-12-210 and the county clerk of the county in which the vehicle is to be registered may waive the county reinstatement fee under subsection (b) if:

(1) The registration was suspended or revoked under § 55-12-210; and

(2) The applicant provides proof acceptable to the department of revenue that the applicant had an owner or operator's financial security in effect for the vehicle on the date the suspension or revocation went into effect.