(a) In the event that any person required to deposit security under this subchapter fails to deposit the security within twenty (20) days after the Office of Driver Services has sent the notice as provided in § 27-19-603, the office shall thereupon suspend:
(1) The license of each driver in any manner involved in the accident;
(2) The registration of all vehicles owned by the owner of each vehicle of a type subject to registration under the laws of this state;
(3) If the driver is a nonresident, the privilege of operating within this state a vehicle of a type subject to registration under the laws of this state; and
(4) If the owner is a nonresident, the privilege of the owner to operate or permit the operation within this state of a vehicle of a type subject to registration under the laws of this state.
(b) Suspensions shall be made in respect to persons required by the office to deposit security who fail to deposit the security, except as otherwise provided under this subchapter.
(c) In the discretion of the office, the suspension of the motor vehicle registration and driving privilege shall not wholly deprive innocent persons of their livelihood.