(a) The suspension of a driver's license, vehicle registration, or nonresident's operating privilege under this subchapter remains in effect, the license, registration, or privilege may not be renewed, and a license or vehicle registration may not be issued to the holder of the suspended license, registration, or privilege, until:
(1) the date the person, or a person acting on the person's behalf, deposits security and files evidence of financial responsibility under Section 601.153;
(2) the second anniversary of the date of the collision, if evidence satisfactory to the department is filed with the department that, during the two-year period, an action for damages arising out of the collision has not been instituted; or
(3) the date evidence satisfactory to the department is filed with the department of:
(A) a release from liability for claims arising out of the collision;
(B) a final adjudication that the person is not liable for claims arising out of the collision; or
(C) an installment agreement described by Section 601.154(d)(3).
(b) If a suspension is terminated under Subsection (a)(3)(C), on notice of a default in the payment of an installment under the agreement, the department shall promptly suspend the driver's license and vehicle registration or nonresident's operating privilege of the person defaulting. A suspension under this subsection continues until:
(1) the person deposits and maintains security in accordance with Section 601.153 in an amount determined by the department at the time of suspension under this subsection and files evidence of financial responsibility in accordance with Section 601.153; or
(2) the second anniversary of the date security was required under Subdivision (1) if, during that period, an action on the agreement has not been instituted in a court in this state.