When a watercraft registered under the provisions of section 1547.54 of the Revised Code is changed as to type of propulsion, which would require a higher registration fee, the owner of the watercraft shall surrender the existing registration certificate to a duly appointed registration agent of the division of parks and watercraft and upon payment of the additional fee required plus a writing fee of three dollars to the agent, shall be issued a new registration certificate bearing the original registration number and listing the required data of the new watercraft.