The license and permit suspended as provided in section 287-6 shall remain suspended and shall not be renewed nor shall any new license or permit be issued to the person whose license or permit is suspended until:

1. (1) The person whose license or permit is suspended deposits or there is deposited on the person's behalf the security required under section 287-6;
2. (2) Two years have elapsed following the date of the suspension and evidence satisfactory to the administrator has been filed with the administrator that during that period no action for damages arising out of the accident has been commenced; or

3. (3) Pursuant to section 287-8(5), evidence satisfactory to the administrator has been filed with the administrator of a release of the driver from liability, or a final adjudication of nonliability of the driver, or a duly acknowledged written agreement; provided that if there is any default in the payment of any installment under any duly acknowledged written agreement, then upon notice of the default, the administrator shall immediately suspend the license of the person defaulting on the agreement, and the license shall not be restored until:

   1. (A) The person deposits and thereafter maintains security as required under section 287-6 in an amount as the administrator may then determine; or
   2. (B) Two years have elapsed following the date when the security was required and during that period no action has been instituted for enforcement of the agreement.

[L 1949, c 393, pt of §1; RL 1955, §160-88; HRS §287-9; am L 1970, c 164, §3; am L 1980, c 84, pt of §1; am L 1984, c 110, §2; gen ch 1985; am L 2020, c 70, §35]