(a) (1) Proof of financial responsibility may be evidenced by the certificate of the Director of the Department of Finance and Administration acting in his or her capacity as Commissioner of Motor Vehicles after filing with the Office of Driver Services evidence that the person named therein has deposited with him or her seventy-five thousand dollars ($75,000) in cash or securities other than surety bonds that may be legally purchased by savings banks or for trust funds of a market value of seventy-five thousand dollars ($75,000).
(2) The director shall not accept any such deposit and issue a certificate therefor and the office shall not accept the certificate unless accompanied by evidence that there are no unsatisfied judgments of any character against the depositor in the county where the depositor resides.
(b) (1) The deposit shall be held by the director to satisfy, in accordance with the provisions of this subchapter, any execution on a judgment issued against the person making the deposit, for damages, including damages for care and loss of services because of bodily injury to or death of any person or for damages because of injury to or destruction of property, including the loss of use thereof, resulting from the ownership, maintenance, use, or operation of a vehicle of a type subject to registration under the laws of this state after the deposit was made.
(2) Money or securities so deposited shall not be subject to attachment or execution unless the attachment or execution shall arise out of a suit for damages as indicated.
History. Acts 1953, No. 347, §§ 72, 73; 1959, No. 307, § 22; 1983, No. 888, § 1; A.S.A. 1947, §§ 75-1472, 75-1473; Acts 2003, No. 333, § 3; 2005, No. 506, § 51.
Amendments. The 2003 amendment, in (a)(1), inserted “or her” and twice substituted “seventy-five thousand dollars ($75,000)” for “sixty-five thousand dollars ($65,000).”
The 2005 amendment, in (a)(1), substituted “Director of the Department Services evidence” for “Insurance Commissioner” and “securities other than surety bonds that” for “securities such as”; and substituted “director” for “commissioner” in (a)(2) and (b)(1).
Cross References. Penalty for violation of 1959 amendatory act, § 27-50-305.