§47-7-209.

§47-7-209.
   
   (a) Any two or more of the persons involved in or affected by an
   accident as described in Section 7-201 may at any time enter into a
   written agreement for the payment of an agreed amount with respect to
   all claims of any of such persons because of bodily injury to or death
   or property damage arising from such accident, which agreement may
   provide for payment in installments, and may file a signed copy
   thereof with the Department.
   
   (b) The Department, to the extent provided by any such written
   agreement filed with it, shall not require the deposit of security and
   shall terminate any prior order of suspension, provided that proof of
   financial responsibility has been filed, or, if security has
   previously been deposited, the Department shall immediately return
   such security to the depositor or his personal representative.
   
   (c) In the event of a default in any payment under such agreement and
   upon notice of such default the Department shall take action
   suspending the license and registration of such person in default as
   would be appropriate in the event of failure of such person to deposit
   security when required under this chapter.
   
   (d) Such suspension shall remain in effect and such license and
   registration shall not be restored unless and until:
   
   1. Security is deposited and proof of financial responsibility is
   filed as required under this chapter, the security to be in such
   amount as the Department may then determine, or
   
   2. When, following any such default and suspension, the person in
   default has paid the balance of the agreed amount, or
   
   3. One (1) year has elapsed following the effective date of such
   suspension and evidence satisfactory to the Department has been filed
   with it that during such period no action at law upon such agreement
   has been instituted and is pending.