1. A property carrier registration, including any certificate or permit, or both, which pursuant to section 622.606 is deemed to identify a registered property carrier, may be transferred in its entirety by the registered property carrier to whom it was issued, but only if the transfer is approved by the division as provided in this section. The division shall approve the transfer of the property carrier registration if the following requirements are met:

(1) The transfer application is joined in by both the registered property carrier or its authorized representative and the proposed transferee or its authorized representative;

(2) The transfer application is filed in the form and manner prescribed by rule of the division; and

(3) The division finds that the transferee is in all respects qualified as required of an applicant for a new property carrier registration pursuant to section 622.608.

2. Upon approval of the transfer of a property carrier registration pursuant to subsection 1 of this section, the division shall transfer the property carrier registration in its entirety, except that the division shall restrict the transferee’s property carrier registration against the transportation of any hazardous material formerly authorized under the property carrier registration if the division finds that the transferee has not shown it is qualified to safely transport that hazardous material in compliance with all registration, liability insurance and safety requirements applicable to the transportation of that hazardous material pursuant to Title 49, Code of Federal Regulations. The transferee may file a separate application for property carrier registration pursuant to section 622.608 to transport additional hazardous materials.