The Commissioner shall suspend or revoke the license and registration certificate and plates of any resident of the Commonwealth upon receiving notice of his conviction, in a court of competent jurisdiction of the Commonwealth, any other state of the United States, the United States, Canada or its provinces or any territorial subdivision of such state or country, of an offense therein which, if committed in the Commonwealth, would be grounds for the suspension or revocation of the license granted to him or registration of any motor vehicle registered in his name. No suspension or revocation under this subsection shall continue for a longer period than it would have, had the offense been committed in the Commonwealth, provided the person gives proof of his financial responsibility in the future for the period provided in § 46.2-412. The Commissioner shall take like action upon receipt of notice that a resident of the Commonwealth has failed, for a period of thirty days, to satisfy any final judgment in amount and upon a cause of action as stated herein, rendered against him in a court of competent jurisdiction of any other state of the United States, the United States, Canada or its provinces, or any territorial subdivision of such state or country.