(1) Whenever the Office of Driver Services has taken any action or has failed to take any action under this subchapter by reason of having received erroneous information or by reason of having received insufficient information, then correcting information may be submitted within one (1) year of the accident, if an accident report has been filed, whereupon the office shall take appropriate action to carry out the purposes and effect of this chapter.
(2) Subsection (a) of this section shall not, however, be deemed to require the office to either redetermine the amount of any deposit required under this subchapter or to act upon any accident report not filed pursuant to §§ 27-19-501 and 27-19-509.