(1) “Revocation” means that the operator’s or chauffeur’s license and privilege to operate a motor vehicle on the public highways are terminated and shall not be renewed or restored until the later of the following:

  (a) The expiration of not less than 1 year after the license was revoked.

  (b) The expiration of not less than 5 years after the date of a subsequent revocation occurring within 7 years after the date of a prior revocation.

  (2) If a license has been revoked, an application for a new license may be presented and acted upon by the secretary of state as provided in section 303.

  (3) When referring to a dealer license, “revocation” means that a person‘s authorization to engage in business as a dealer is terminated and shall not be restored or renewed, except that an application for a new license may be considered at the discretion of the secretary of state.