(a) No person who sells or transfers ownership of any bicycle shall fail to report such sale or transfer to the Chief of Police, and if such person has had his bicycle licensed and registered, he shall also return to the Chief the registration card and license tag, and furnish the Chief with the name and address of the person to whom such bicycle was sold or transferred, and such report shall be made by the person selling or transferring within five days of the date of such sale or transfer.
(b) No purchaser or transferee of such bicycle shall fail to apply immediately for a registration card and license tag.