Whenever a licensed motor vehicle dealer, his agent or representative, shall give a credit allowance to the owner of a motor vehicle as consideration or part consideration of the purchase price of another motor vehicle sold by said dealer, he shall demand from such owner, and such owner shall furnish to such dealer, a properly assigned certificate of title thereof in the dealer’s name. Any licensed motor vehicle dealer, his agent or representative, or the owner of such motor vehicle, who shall assign, or shall permit, aid, counsel or assist in any way in assigning the certificate of title of said motor vehicle to a person other than such dealer, shall be guilty of a misdemeanor.

   The term “licensed motor vehicle dealer” as used in this section shall be construed to mean a dealer licensed under the provisions of section 14 of Act No. 46 of the Public Acts of 1921, being section 4671 of the Compiled Laws of 1929, as amended.