(1) A judgment debtor upon due notice to the judgment creditor may apply to the court in which judgment was rendered for the privilege of paying the judgment in installments and the court may, in its discretion and without prejudice to any other legal remedies which the judgment creditor may have, so order and fix the amounts and times of payment of the installments.
(2) The department shall not suspend a driver’s license or a nonresident’s driving privilege, and shall restore any driver’s license or nonresident’s driving privilege suspended following nonpayment of a judgment, when the judgment debtor gives proof of financial responsibility and obtains an order permitting the payment of the judgment in installments, and while the payment of any installment is not in default.
(3) In the event the judgment debtor fails to pay any installment as specified by such order, then upon notice of default, the department shall suspend the driver’s license or nonresident’s driving privilege of the judgment debtor until the judgment is satisfied, as provided in this chapter.