Where the secretary pays out of the fund any amount in satisfaction of a judgment, the operator’s or chauffeur’s license and vehicle registration or registrations of the judgment debtor on whose behalf the payment is made shall be forthwith suspended by the secretary and shall remain suspended until he has:

    (a) Repaid in full to the fund the amount paid out; or

    (b) Commenced installment repayments in accordance with an agreement entered into with the secretary, and filed proof of his financial responsibility until the amount paid out to satisfy the judgment by the motor vehicle accident claims fund has been repaid in full.