The bill introduces an amendment to Chapter 31-3 of the General Laws by adding a new section 31-3-33.1, which allows for the renewal of registration for vehicles leased for a period of 36 months and registered in two-year cycles to be extended by an additional year to match the lease term. This includes an adjustment in the renewal fees to reflect the extended registration period. The bill also amends Section 31-6-1, revising the registration fee structure based on the gross weight of vehicles with pneumatic tires, ranging from $30 to $972 plus additional charges, and specifies fees for various other vehicle types and services.

Significant changes include the provision for a credit to be issued by the division of motor vehicles to registrants who voluntarily cancel their registration within the registration period, which can be applied to future registration fees. The bill also authorizes the division of motor vehicles to issue one-year renewal registrations for vehicles leased for thirty-six months when registered in two-year cycles. The act is set to take effect upon passage, impacting fees for replacement number plates, farm vehicles, antique motor vehicles, and other specific vehicle categories, as well as the issuance of trip and hunter's permits under the International Registration Plan.