Okla. Stat. tit. 47, § 47-7-209: Agreements for payment of damages

A. Any two or more of the persons involved in or affected by an

accident, as described in Section 7-201 of this title, may at any

time enter into a written agreement for the payment of an agreed

amount with respect to all claims of any of the persons because of

bodily injury to or death or property damage arising from the

accident, which agreement may provide for payment in installments,

and may file a signed copy thereof with the Department of Public

Safety.

B. The Department, to the extent provided by the written

agreement filed with it, shall not require the deposit of security

and shall terminate any prior order of suspension, provided that

proof of financial responsibility has been filed; provided, if

security has previously been deposited, the Department shall

immediately return the security to the depositor or to the personal

representative of the depositor.

C. Upon notice to the Department of a default in any payment

under the agreement, the Department shall take action suspending the

driving privilege of the person in default as in the same manner as

for failure of the person to deposit security when required under

this chapter. When reporting a default, the amount already paid and

the outstanding balance shall be provided to the Department.

Provided, this subsection shall not be deemed to require any party

to the agreement to make notice to the Department of a default of

any payment.

D. The suspension provided for in subsection C of this section

shall remain in effect and the driving privilege of the person shall

not be restored unless and until:

1. Security is deposited and proof of financial responsibility

is filed as required under this chapter, the security to be in such

amount as the Department may then determine;

2. The person in default has paid the balance of the agreed

amount; or

3. One (1) year has elapsed following the effective date of the

suspension and evidence satisfactory to the Department has been

filed with it that during the one-year period no action at law upon

the agreement has been instituted and is pending.