All new bicycles and mopeds, otherwise requiring the payment of fees under section 249-14, held in stock for purposes of sale shall be exempt from the fee. At the time of first sale, the dealer selling the new bicycle or moped shall:
Upon receipt of the fee and the completed license application form, the director of finance shall mail a license plate and tag or emblem for mopeds, or tag or decal for bicycles, and certificate of registration to the registered owner. Until the license plate and tag or emblem for mopeds, or tag or decal for bicycles, is received, the bicycle or moped owner shall keep a copy of the completed application form upon the owner's person when riding the bicycle or moped on a public street.
HRS § 249-14.5