Section 34E. The state treasurer shall give to the applicant for registration a receipt on a form prescribed by said treasurer of the amount of cash or securities deposited by him with said treasurer under section thirty-four D or thirty-four F. The state treasurer shall retain such cash or securities deposited as aforesaid and shall not deliver the same or the balance thereof to the registrant or his order until the expiration of the time within which actions, the payment of judgments in which are secured by such deposit, may be brought against the registrant or the person responsible for the operation of the registrant’s motor vehicle with his express or implied consent, nor in any case if a written notice is filed with the state treasurer stating that such an action has been brought against the registrant or other person responsible as aforesaid, until payment is made as provided in section thirty-four D or satisfactory evidence is presented to said treasurer that such action is finally disposed of.