(1) The signature of the parents or guardian on the original application of a minor for a driver's license makes such "signer" jointly and severally liable with such minor for any damages caused by negligence or wilful conduct.   The original application of the minor must be signed by the parents or guardian.

(2) If a minor deposits or there is deposited upon his behalf proof of financial responsibility in respect to the operation of a motor vehicle owned by him or if not the owner of a motor vehicle, then with respect to the operation of any motor vehicle in form and in amounts as required under the motor vehicle financial responsibility laws of this state, the minor's application may be accepted when signed by one parent or guardian.   While such proof of financial responsibility is maintained such parent or guardian shall not be subject to the liability imposed.