(1) All of the provisions of this article shall apply to any person who is not a resident of this state, and if such nonresident has been convicted of an offense which would require the suspension or revocation of the license of a resident, or if such nonresident has failed to satisfy a judgment within thirty days after the same became final which would require suspension or revocation under this article in respect to a resident, then in either such event such nonresident shall not operate any motor vehicle in this state, and the director shall not issue to such nonresident any license unless and until such nonresident gives proof of financial responsibility and satisfies any such judgment as is required with respect to a resident of this state.

(2) The director shall transmit a certified copy of any record of any such conviction of a nonresident to the motor vehicle commissioner or state officer performing the functions of a commissioner in the state in which such nonresident resides and shall likewise forward to such officer a certified record of any unsatisfied judgment rendered against such nonresident which requires suspension of such nonresident's driving privileges in this state.

(3) When a nonresident's operating privilege is suspended pursuant to section 42-7-301, the director shall transmit a certified copy of the record of such action to the official in charge of the issuance of licenses in the state in which such nonresident resides, if the law of such other state provides for action in relation thereto similar to that provided for in subsection (4) of this section.

(4) Upon receipt of certification that the operating privilege of a resident of this state has been suspended or revoked in any such other state pursuant to a law providing for its suspension or revocation for failure to deposit security for the payment of judgments arising out of a motor vehicle accident or for failure to deposit security and furnish a statement evidencing that the resident is insured under an automobile liability insurance policy or bond or for failure to file and maintain proof of financial responsibility, under circumstances which would require the director to suspend a nonresident's operating privilege had the accident occurred in this state, the director shall suspend the license of such resident. Such suspension shall continue until such resident furnishes evidence of compliance with the law of such other state relating to the deposit of such security and until such resident furnishes the statement evidencing automobile liability insurance or a bond, or, as the case may be, files proof of financial responsibility, if required by such law.