61-10-224. GVW license transferable. The GVW license issued hereunder is transferable by the licensee of a truck, truck tractor, trailer, semitrailer, lowboy trailer, pole trailer, housetrailer, or passenger car to a replacement vehicle of the same type. This gross vehicle weight license transfer may take place without the licensee transferring ownership of the first vehicle. If the transfer is to a smaller vehicle, there shall be no refund.