61-3-718. Extension of reciprocal privileges to lessees authorized. An agreement or arrangement entered into or a declaration issued under the authority of 61-3-711 through 61-3-733 may contain provisions under which a leased motor vehicle, trailer, semitrailer, or pole trailer properly registered by the lessor may be entitled, subject to terms and conditions stated in the agreement, arrangement, or declaration, to the exemptions, benefits, and privileges extended by the agreement, arrangement, or declaration.