The Department of Transportation shall not renew the registration of a motor vehicle unless one of the following occurs:
(1) The owner of the vehicle provides proof of compliance with financial responsibility requirements for the vehicle and certifies that the owner will remain in compliance with the requirements for the term of the registration or until the vehicle is sold. This subsection does not apply if a renewal of registration is accompanied by an application for transfer of title arising from the sale of the vehicle. Exemptions from this subsection are established in ORS 806.020. The form of proof of compliance required for this subsection shall be as required under ORS 806.180.
(2) The department receives satisfactory proof of compliance with financial responsibility requirements by some means other than the means described in subsection (1) of this section. The department may determine by rule what constitutes satisfactory proof of compliance with financial responsibility requirements for purposes of this subsection.