(a) When a nonresident's operating privilege is suspended or revoked pursuant to this part, the commissioner shall transmit a certified copy of the record of this action to the official in charge of the issuance of licenses and registration certificates in the state in which the nonresident resides, if the law of the other state provides for action in relation thereto similar to the provisions set forth in subsection (b).

(b) Upon receipt of a certification that the operating privilege of a resident of this state has been suspended or revoked in any other state pursuant to a law providing for its suspension or revocation for failure to deposit security for the payment of judgments arising out of a motor vehicle accident under circumstances that would require the commissioner to suspend or revoke a nonresident's operating privilege had the accident occurred in this state, the commissioner shall suspend or revoke the license and immediately upon request by the commissioner of safety, the commissioner of revenue shall suspend or revoke all registrations of the operator and owner of a motor vehicle involved in the accident. The suspension or revocation shall continue until the resident furnishes the commissioner of safety evidence of compliance with the law of the other state relating to the deposit of such security, gives and maintains proof of financial responsibility as required under § 55-12-126, pays a sixty-five-dollar restoration fee to the commissioner of safety, and passes a driver license examination as a condition precedent to the restoration of such privilege. If the motor vehicle operator or owner has met the requirements set forth in this subsection (b) to have the registration of a motor vehicle reinstated, the commissioner of revenue, upon request of the commissioner of safety and upon payment to the commissioner of revenue of the appropriate motor vehicle registration fees provided by § 55-4-111, § 55-4-112 or § 55-4-113, shall immediately make that reinstatement.

(c) At any time after five (5) years from the date of revocation, the department of safety may, in its own discretion, or upon request of the person required to furnish proof of financial responsibility, release the requirement of that proof, if the records of the department of safety establish that the person, during the preceding five-year period, has not been convicted of any offense authorizing or requiring the suspension or revocation of a license or registration by the department of safety, the department of revenue or a court arising from a conviction for a violation of the law. If the department of safety, pursuant to this subsection (c), releases the requirement that a person furnish proof of financial responsibility, and if that person's motor vehicle registration has been revoked or suspended due to failure to furnish that proof, then the commissioner of safety shall request that the commissioner of revenue reinstate the motor vehicle owner's registration and, upon payment to the commissioner of revenue of the appropriate motor vehicle registration fees provided by § 55-4-111, § 55- 4-112 or § 55-4-113, the registration shall be reinstated immediately. Notwithstanding any other law to the contrary, this subsection (c) shall not apply if there is an unsatisfied judgment based on a motor vehicle accident.