(a) Proof of financial responsibility may be given by the deposit of seventy-five thousand dollars ($75,000) as provided in Section 16054.2. The department shall not accept a deposit where any judgment theretofore obtained against that person as a result of damages arising from the operation of any motor vehicle shall not have been paid in full.
(b) The deposit requirement in subdivision (a) shall be increased by fifty thousand dollars ($50,000) on January 1, 2035.
(c) This section shall become operative on January 1, 2025.