§ 36-85.31. (Effective until July 1, 2011) Recovery fund to be established.
A. Each manufactured home manufacturer, dealer, broker and salespersonoperating in the Commonwealth of Virginia shall be required to pay an initialassessment fee as set forth in subsection B to the Virginia ManufacturedHousing Transaction Recovery Fund. Thereafter, assessment fees shall beassessed as necessary to achieve and maintain a minimum fund balance of$300,000.
B. Each applicant approved by the Board for a license as a manufactured homemanufacturer, dealer, broker, or salesperson in accordance with theprovisions of Article 1 (§ 36-85.16 et seq.) of this chapter shall pay intothe fund the following assessment fees:
1. For a manufacturer - $4,000 for each separate manufacturing facilitypayable in one installment or $4,400 payable at $2,200 per year for two years.
2. For a dealer - $500 per retail location.
3. For a broker - $500 per sales office.
4. For a salesperson - $50 per individual.
C. All assessment fees collected under this article shall be deposited in thestate treasury and the State Treasurer shall credit the amount paid into aspecial revenue fund from which appropriations may be utilized by the Boardin accordance with the express purposes set forth in this article. The assetsof the fund shall be invested in accordance with the advice of the StateTreasurer. Interest earned on deposits constituting this fund shall accrue tothe fund or may be used for the purposes of providing educational programs toconsumers, code officials, and the manufactured housing industry and to paydepartment staff expenses for conducting investigations and preparing reportsand findings for the Board.
D. The Board may authorize an amount not to exceed five percent of the fundbalance in any fiscal year to be used both for educational purposes and topay department staff expenses for conducting investigations and preparingreports and findings for the Board.
(1991, c. 555; 1992, c. 223; 2009, cc. 141, 579.)
§ 36-85.31. (Effective July 1, 2011) Recovery fund to be established.
A. Each manufactured home manufacturer, dealer, broker and salespersonoperating in the Commonwealth of Virginia shall be required to pay an initialassessment fee as set forth in subsection B to the Virginia ManufacturedHousing Transaction Recovery Fund. Thereafter, assessment fees shall beassessed as necessary to achieve and maintain a minimum fund balance of$250,000.
B. Each applicant approved by the Board for a license as a manufactured homemanufacturer, dealer, broker, or salesperson in accordance with theprovisions of Article 1 (§ 36-85.16 et seq.) of this chapter shall pay intothe fund the following assessment fees:
1. For a manufacturer - $4,000 for each separate manufacturing facilitypayable in one installment or $4,400 payable at $2,200 per year for two years.
2. For a dealer - $500 per retail location.
3. For a broker - $500 per sales office.
4. For a salesperson - $50 per individual.
C. All assessment fees collected under this article shall be deposited in thestate treasury and the State Treasurer shall credit the amount paid into aspecial revenue fund from which appropriations may be utilized by the Boardin accordance with the express purposes set forth in this article. Theassets of the fund shall be invested in accordance with the advice of theState Treasurer. Interest earned on deposits constituting this fund shallaccrue to the fund or may be used for the purposes of providing educationalprograms to the consumer about manufactured housing.
§ 36-85.31. (Effective until July 1, 2011) Recovery fund to be established.
A. Each manufactured home manufacturer, dealer, broker and salespersonoperating in the Commonwealth of Virginia shall be required to pay an initialassessment fee as set forth in subsection B to the Virginia ManufacturedHousing Transaction Recovery Fund. Thereafter, assessment fees shall beassessed as necessary to achieve and maintain a minimum fund balance of$300,000.
B. Each applicant approved by the Board for a license as a manufactured homemanufacturer, dealer, broker, or salesperson in accordance with theprovisions of Article 1 (§ 36-85.16 et seq.) of this chapter shall pay intothe fund the following assessment fees:
1. For a manufacturer - $4,000 for each separate manufacturing facilitypayable in one installment or $4,400 payable at $2,200 per year for two years.
2. For a dealer - $500 per retail location.
3. For a broker - $500 per sales office.
4. For a salesperson - $50 per individual.
C. All assessment fees collected under this article shall be deposited in thestate treasury and the State Treasurer shall credit the amount paid into aspecial revenue fund from which appropriations may be utilized by the Boardin accordance with the express purposes set forth in this article. The assetsof the fund shall be invested in accordance with the advice of the StateTreasurer. Interest earned on deposits constituting this fund shall accrue tothe fund or may be used for the purposes of providing educational programs toconsumers, code officials, and the manufactured housing industry and to paydepartment staff expenses for conducting investigations and preparing reportsand findings for the Board.
D. The Board may authorize an amount not to exceed five percent of the fundbalance in any fiscal year to be used both for educational purposes and topay department staff expenses for conducting investigations and preparingreports and findings for the Board.
(1991, c. 555; 1992, c. 223; 2009, cc. 141, 579.)
§ 36-85.31. (Effective July 1, 2011) Recovery fund to be established.
A. Each manufactured home manufacturer, dealer, broker and salespersonoperating in the Commonwealth of Virginia shall be required to pay an initialassessment fee as set forth in subsection B to the Virginia ManufacturedHousing Transaction Recovery Fund. Thereafter, assessment fees shall beassessed as necessary to achieve and maintain a minimum fund balance of$250,000.
B. Each applicant approved by the Board for a license as a manufactured homemanufacturer, dealer, broker, or salesperson in accordance with theprovisions of Article 1 (§ 36-85.16 et seq.) of this chapter shall pay intothe fund the following assessment fees:
1. For a manufacturer - $4,000 for each separate manufacturing facilitypayable in one installment or $4,400 payable at $2,200 per year for two years.
2. For a dealer - $500 per retail location.
3. For a broker - $500 per sales office.
4. For a salesperson - $50 per individual.
C. All assessment fees collected under this article shall be deposited in thestate treasury and the State Treasurer shall credit the amount paid into aspecial revenue fund from which appropriations may be utilized by the Boardin accordance with the express purposes set forth in this article. Theassets of the fund shall be invested in accordance with the advice of theState Treasurer. Interest earned on deposits constituting this fund shallaccrue to the fund or may be used for the purposes of providing educationalprograms to the consumer about manufactured housing.
§ 36-85.31. (Effective until July 1, 2011) Recovery fund to be established.
A. Each manufactured home manufacturer, dealer, broker and salespersonoperating in the Commonwealth of Virginia shall be required to pay an initialassessment fee as set forth in subsection B to the Virginia ManufacturedHousing Transaction Recovery Fund. Thereafter, assessment fees shall beassessed as necessary to achieve and maintain a minimum fund balance of$300,000.
B. Each applicant approved by the Board for a license as a manufactured homemanufacturer, dealer, broker, or salesperson in accordance with theprovisions of Article 1 (§ 36-85.16 et seq.) of this chapter shall pay intothe fund the following assessment fees:
1. For a manufacturer - $4,000 for each separate manufacturing facilitypayable in one installment or $4,400 payable at $2,200 per year for two years.
2. For a dealer - $500 per retail location.
3. For a broker - $500 per sales office.
4. For a salesperson - $50 per individual.
C. All assessment fees collected under this article shall be deposited in thestate treasury and the State Treasurer shall credit the amount paid into aspecial revenue fund from which appropriations may be utilized by the Boardin accordance with the express purposes set forth in this article. The assetsof the fund shall be invested in accordance with the advice of the StateTreasurer. Interest earned on deposits constituting this fund shall accrue tothe fund or may be used for the purposes of providing educational programs toconsumers, code officials, and the manufactured housing industry and to paydepartment staff expenses for conducting investigations and preparing reportsand findings for the Board.
D. The Board may authorize an amount not to exceed five percent of the fundbalance in any fiscal year to be used both for educational purposes and topay department staff expenses for conducting investigations and preparingreports and findings for the Board.
(1991, c. 555; 1992, c. 223; 2009, cc. 141, 579.)
§ 36-85.31. (Effective July 1, 2011) Recovery fund to be established.
A. Each manufactured home manufacturer, dealer, broker and salespersonoperating in the Commonwealth of Virginia shall be required to pay an initialassessment fee as set forth in subsection B to the Virginia ManufacturedHousing Transaction Recovery Fund. Thereafter, assessment fees shall beassessed as necessary to achieve and maintain a minimum fund balance of$250,000.
B. Each applicant approved by the Board for a license as a manufactured homemanufacturer, dealer, broker, or salesperson in accordance with theprovisions of Article 1 (§ 36-85.16 et seq.) of this chapter shall pay intothe fund the following assessment fees:
1. For a manufacturer - $4,000 for each separate manufacturing facilitypayable in one installment or $4,400 payable at $2,200 per year for two years.
2. For a dealer - $500 per retail location.
3. For a broker - $500 per sales office.
4. For a salesperson - $50 per individual.
C. All assessment fees collected under this article shall be deposited in thestate treasury and the State Treasurer shall credit the amount paid into aspecial revenue fund from which appropriations may be utilized by the Boardin accordance with the express purposes set forth in this article. Theassets of the fund shall be invested in accordance with the advice of theState Treasurer. Interest earned on deposits constituting this fund shallaccrue to the fund or may be used for the purposes of providing educationalprograms to the consumer about manufactured housing.
