Source: https://law.lis.virginia.gov/vacode/46.2-1527.1/
Timestamp: 2019-01-17 12:36:35
Document Index: 40626640

Matched Legal Cases: ['§ 46', '§ 46', '§ 46', '§ 46', '§ 46', '§ 46', '§ 46', '§ 46']

§ 46.2-1527.1. Motor Vehicle Transaction Recovery Fund established
Table of Contents » Title 46.2. Motor Vehicles » Subtitle IV. Dealers and Driver Training Schools » Chapter 15. Motor Vehicle Dealers » Article 3.1. Motor Vehicle Transaction Recovery Fund » § 46.2-1527.1. Motor Vehicle Transaction Recovery Fund established
§ 46.2-1527.1. Motor Vehicle Transaction Recovery Fund established.
A. All fees in this article shall be deposited in the Motor Vehicle Transaction Recovery Fund, referred to in this article as "the Fund." The Fund shall be a special fund in the state treasury to pay claims against the Fund and for no other purpose, provided that any such payment does not result in a negative balance of the Fund, except the Board may expend moneys for the administration of this article up to the maximum amount authorized for consumer assistance in the general appropriation act, provided the amount expended for administration does not result in a balance of the Fund of less than $250,000. The Fund shall be used to satisfy unpaid judgments, as provided for in § 46.2-1527.3. Any interest income shall accrue to the Fund. The Board shall maintain an accurate record of all transactions involving the Fund. The Board may levy a special assessment on all dealers participating in the Fund to pay claims against the Fund and to maintain a minimum Fund balance that is in its judgment adequate. The Board may choose to await a positive balance in the Fund to pay claims ready for payment in chronological order, provided such claims do not go unpaid for more than 60 days.
B. Every applicant renewing a motor vehicle dealer's license shall pay, in addition to other license fees, an annual Fund fee of $100, and every applicant for a motor vehicle salesperson's license shall pay, in addition to other license fees, an annual Fund fee of $10, prior to license issue. However, annual Fund renewal fees from salespersons shall not exceed $100 per year from an individual dealer. These fees shall be deposited in the Motor Vehicle Transaction Recovery Fund. Any salesperson licensed by the Department and having never paid such a fee prior to July 1, 2015, shall be exempt from this subsection.
C. Applicants for an original motor vehicle dealer's license shall pay an annual Fund fee of $350 each year for three consecutive years. During this period, the $350 Fund fee will take the place of the annual $100 Fund fee.
D. In addition to the $350 annual fee, applicants for an original dealer's license shall have a $50,000 bond pursuant to § 46.2-1527.2 for three consecutive years. Only those renewing licensees who have not been the subject of a claim against their bond or against the Fund for three consecutive years shall pay the annual $100 fee and will no longer be required to pay the $350 annual fee or hold the $50,000 bond. Any salesperson licensed by the Department and having never paid such fee prior to July 1, 2015, shall be exempt from this subsection.
E. In addition to other license fees, applicants for an original Certificate of Dealer Registration or its renewal shall pay a Fund fee of $60.
F. The Board may suspend or reinstate collection of Fund fees.
G. The provisions of this section shall not apply to manufactured home dealers or nonprofit organizations issued certificates pursuant to subsection B of § 46.2-1508.1.
H. The provisions of this section shall not apply to applicants for the renewal of a motor vehicle dealer's license where such applicants have not been the subject of a claim against a bond issued pursuant to § 46.2-1527.2 or against the Fund for three years and such applicants elect to maintain continuous bonding pursuant to Article 3.2 (§ 46.2-1527.9 et seq.). Such applicants shall not participate in the Fund and shall be exempt from the payment of any Fund fees.
I. The provisions of this article shall not apply to any recreational vehicle, trailer, or motorcycle dealer licensed by the Department prior to July 1, 2015.
1994, cc. 478, 671; 1995, cc. 767, 816; 1998, c. 325; 2000, c. 180; 2003, c. 331; 2006, c. 172; 2011, c. 407; 2012, cc. 10, 119; 2014, c. 695; 2015, c. 615.