32-35-113.   Maintenance of financial responsibility--Violation as misdemeanor. Every driver or owner of a motor vehicle shall at all times maintain in force one of the forms of financial responsibility on the motor vehicle by one of the following methods:

             (1)      Having in force on the motor vehicle an owner's policy of liability insurance as provided in § 32-35-70;

             (2)      Having in force a bond as provided in § 32-35-83;

             (3)      Having a certificate of deposit of money or securities as provided in § 32-35-87, but in the amount of fifty thousand dollars; or

             (4)      Having a certificate of self-insurance, as provided in §§ 32-35-90 and 32-35-91, supplemented by an agreement by the self-insurer that, with respect to accidents occurring while the certificate is in force, he will pay the same amounts that an insurer would have been obligated to pay under an owner's motor vehicle liability policy if it had issued such a policy to said self-insurer.

     Failure to maintain financial responsibility is a Class 2 misdemeanor.

Source: SL 1986, ch 269, § 1.

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