§ 31-47-6 - Release of financial security bonds or deposits.
SECTION 31-47-6
§ 31-47-6 Release of financial securitybonds or deposits. – (a) The administrator of the division of motor vehicles, upon the surrender ofthe registration and number plates for a motor vehicle for which a financialsecurity bond or deposit was accepted by the administrator of the division ofmotor vehicles, shall permit the cancellation of any bond or shall direct thatany deposit be returned by the general treasurer. The administrator of thedivision of motor vehicles shall not release the bond or deposit in the eventany action for damages upon a liability referred to in this chapter is thenpending, or any judgment upon any liability then outstanding and unsatisfied,or in the event the administrator of the division of motor vehicles hasreceived notice that the person has within the period of three (3) monthsimmediately preceding been involved as a driver in any motor vehicle accident.An affidavit of the applicant of nonexistence of those facts shall besufficient evidence of it in the absence of evidence to the contrary in therecords of the division of motor vehicles.
(b) The administrator of the division of motor vehicles,subject to any reasonable regulations that he or she may establish, shallpermit the form of financial security acceptable under this chapter to besubstituted for another form of financial security which may already have beenaccepted by the assistant director as complies with the provisions of thischapter.