Section 315. Release of financial security bonds or deposits

1.  The
  commissioner, upon the surrender of the registration and  number  plates
  for  a  motor vehicle for which a financial security bond or deposit was
  accepted by the commissioner, shall permit the cancellation of any  such
  bond  or  shall  direct  that  any  such  deposit  be  returned  by  the
  commissioner of taxation and finance. The commissioner shall not release
  such bond or deposit  in  the  event  any  action  for  damages  upon  a
  liability  referred  to  in this article is then pending or any judgment
  upon any such liability then outstanding  and  unsatisfied,  or  in  the
  event  the  commissioner has received notice that such person has within
  the period of three months immediately  preceding  been  involved  as  a
  driver  in  any motor vehicle accident. An affidavit of the applicant of
  non-existence of such facts shall be sufficient evidence thereof in  the
  absence of evidence to the contrary in the records of the bureau.
    2.  The commissioner, subject to such reasonable regulations as he may
  establish  shall  permit  the  form  of  proof  of  financial   security
  acceptable  under  this  article  to  be substituted for another form of
  proof of financial security which may already have been accepted by  the
  commissioner as complying with the provisions of this article.