If an owner's registration has been suspended hereunder, such registration shall not be transferred nor the motor vehicle in respect of which such registration was issued registered in any other name until the cabinet is satisfied that such transfer of reg istration is proposed in good faith and not for the purpose or with the effect of defeating the purposes of KRS 187.290 to 187.620. Nothing in this section shall be held to apply to or affect the registration of any motor vehicle sold by a person who, pursuant to the terms or conditions of any written instrument giving a right of repossession, has exercised such right and has repossessed such motor vehicle from a person whose registration has been suspended under the provisions of KRS 187.290 to 187.620.
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