§ 46.2-1527.1. Motor Vehicle Transaction Recovery Fund established.
All fees in this article shall be deposited in the Motor Vehicle TransactionRecovery Fund, hereinafter referred to in this article as "the Fund." TheFund shall be a special fund in the state treasury to pay claims against theFund and for no other purpose, except the Board may expend moneys from theinterest earned on the Fund for the administration of this article, inaccordance with the general appropriation act. The Fund shall be used tosatisfy unpaid judgments, as provided for in § 46.2-1527.3. Any interestincome shall accrue to the Fund. The Board shall maintain an accurate recordof all transactions involving the Fund. The minimum balance of the Fund shallbe $250,000. In order to maintain the minimum Fund balance, the Board maylevy a special assessment on all dealers participating in the Fund.
Every applicant renewing a motor vehicle dealer's license shall pay, inaddition to other license fees, an annual Fund fee of $100, and everyapplicant for a motor vehicle salesperson's license shall pay, in addition toother license fees, an annual Fund fee of $10, prior to license issue.However, annual Fund renewal fees from salespersons shall not exceed $100 peryear from an individual dealer. These fees shall be deposited in the MotorVehicle Transaction Recovery Fund.
Applicants for an original motor vehicle dealer's license shall pay an annualFund fee of $250 each year for three consecutive years. During this period,the $250 Fund fee will take the place of the annual $100 Fund fee.
In addition to the $250 annual fee, applicants for an original dealer'slicense shall have a $50,000 bond pursuant to § 46.2-1527.2 for threeconsecutive years. Only those renewing licensees who have not been thesubject of a claim against their bond or against the Fund for threeconsecutive years shall pay the annual $100 fee and will no longer berequired to pay the $250 annual fee or hold the $50,000 bond.
In addition to other license fees, applicants for an original Certificate ofDealer Registration or its renewal shall pay a Fund fee of $60.
The Board may suspend or reinstate collection of Fund fees.
The provisions of this section shall not apply to manufactured home dealersas defined in § 36-85.16, T&M vehicle dealers as defined in § 46.2-1900,trailer dealers as defined in § 46.2-1992, motorcycle dealers as defined in §46.2-1993, and nonprofit organizations issued certificates pursuant tosubsection B of § 46.2-1508.1.
The provisions of this section shall not apply to applicants for the renewalof a motor vehicle dealer's license where such applicants have not been thesubject of a claim against a bond issued pursuant to § 46.2-1527.2 or againstthe Fund for three years and such applicants elect to maintain continuousbonding pursuant to Article 3.2 (§ 46.2-1527.9 et seq.) of this chapter. Suchapplicants shall not participate in the Fund and shall be exempt from thepayment of any Fund fees.
(1994, cc. 478, 671; 1995, cc. 767, 816; 1998, c. 325; 2000, c. 180; 2003, c.331; 2006, c. 172.)
§ 46.2-1527.1. Motor Vehicle Transaction Recovery Fund established.
All fees in this article shall be deposited in the Motor Vehicle TransactionRecovery Fund, hereinafter referred to in this article as "the Fund." TheFund shall be a special fund in the state treasury to pay claims against theFund and for no other purpose, except the Board may expend moneys from theinterest earned on the Fund for the administration of this article, inaccordance with the general appropriation act. The Fund shall be used tosatisfy unpaid judgments, as provided for in § 46.2-1527.3. Any interestincome shall accrue to the Fund. The Board shall maintain an accurate recordof all transactions involving the Fund. The minimum balance of the Fund shallbe $250,000. In order to maintain the minimum Fund balance, the Board maylevy a special assessment on all dealers participating in the Fund.
Every applicant renewing a motor vehicle dealer's license shall pay, inaddition to other license fees, an annual Fund fee of $100, and everyapplicant for a motor vehicle salesperson's license shall pay, in addition toother license fees, an annual Fund fee of $10, prior to license issue.However, annual Fund renewal fees from salespersons shall not exceed $100 peryear from an individual dealer. These fees shall be deposited in the MotorVehicle Transaction Recovery Fund.
Applicants for an original motor vehicle dealer's license shall pay an annualFund fee of $250 each year for three consecutive years. During this period,the $250 Fund fee will take the place of the annual $100 Fund fee.
In addition to the $250 annual fee, applicants for an original dealer'slicense shall have a $50,000 bond pursuant to § 46.2-1527.2 for threeconsecutive years. Only those renewing licensees who have not been thesubject of a claim against their bond or against the Fund for threeconsecutive years shall pay the annual $100 fee and will no longer berequired to pay the $250 annual fee or hold the $50,000 bond.
In addition to other license fees, applicants for an original Certificate ofDealer Registration or its renewal shall pay a Fund fee of $60.
The Board may suspend or reinstate collection of Fund fees.
The provisions of this section shall not apply to manufactured home dealersas defined in § 36-85.16, T&M vehicle dealers as defined in § 46.2-1900,trailer dealers as defined in § 46.2-1992, motorcycle dealers as defined in §46.2-1993, and nonprofit organizations issued certificates pursuant tosubsection B of § 46.2-1508.1.
The provisions of this section shall not apply to applicants for the renewalof a motor vehicle dealer's license where such applicants have not been thesubject of a claim against a bond issued pursuant to § 46.2-1527.2 or againstthe Fund for three years and such applicants elect to maintain continuousbonding pursuant to Article 3.2 (§ 46.2-1527.9 et seq.) of this chapter. Suchapplicants shall not participate in the Fund and shall be exempt from thepayment of any Fund fees.
(1994, cc. 478, 671; 1995, cc. 767, 816; 1998, c. 325; 2000, c. 180; 2003, c.331; 2006, c. 172.)
§ 46.2-1527.1. Motor Vehicle Transaction Recovery Fund established.
All fees in this article shall be deposited in the Motor Vehicle TransactionRecovery Fund, hereinafter referred to in this article as "the Fund." TheFund shall be a special fund in the state treasury to pay claims against theFund and for no other purpose, except the Board may expend moneys from theinterest earned on the Fund for the administration of this article, inaccordance with the general appropriation act. The Fund shall be used tosatisfy unpaid judgments, as provided for in § 46.2-1527.3. Any interestincome shall accrue to the Fund. The Board shall maintain an accurate recordof all transactions involving the Fund. The minimum balance of the Fund shallbe $250,000. In order to maintain the minimum Fund balance, the Board maylevy a special assessment on all dealers participating in the Fund.
Every applicant renewing a motor vehicle dealer's license shall pay, inaddition to other license fees, an annual Fund fee of $100, and everyapplicant for a motor vehicle salesperson's license shall pay, in addition toother license fees, an annual Fund fee of $10, prior to license issue.However, annual Fund renewal fees from salespersons shall not exceed $100 peryear from an individual dealer. These fees shall be deposited in the MotorVehicle Transaction Recovery Fund.
Applicants for an original motor vehicle dealer's license shall pay an annualFund fee of $250 each year for three consecutive years. During this period,the $250 Fund fee will take the place of the annual $100 Fund fee.
In addition to the $250 annual fee, applicants for an original dealer'slicense shall have a $50,000 bond pursuant to § 46.2-1527.2 for threeconsecutive years. Only those renewing licensees who have not been thesubject of a claim against their bond or against the Fund for threeconsecutive years shall pay the annual $100 fee and will no longer berequired to pay the $250 annual fee or hold the $50,000 bond.
In addition to other license fees, applicants for an original Certificate ofDealer Registration or its renewal shall pay a Fund fee of $60.
The Board may suspend or reinstate collection of Fund fees.
The provisions of this section shall not apply to manufactured home dealersas defined in § 36-85.16, T&M vehicle dealers as defined in § 46.2-1900,trailer dealers as defined in § 46.2-1992, motorcycle dealers as defined in §46.2-1993, and nonprofit organizations issued certificates pursuant tosubsection B of § 46.2-1508.1.
The provisions of this section shall not apply to applicants for the renewalof a motor vehicle dealer's license where such applicants have not been thesubject of a claim against a bond issued pursuant to § 46.2-1527.2 or againstthe Fund for three years and such applicants elect to maintain continuousbonding pursuant to Article 3.2 (§ 46.2-1527.9 et seq.) of this chapter. Suchapplicants shall not participate in the Fund and shall be exempt from thepayment of any Fund fees.
(1994, cc. 478, 671; 1995, cc. 767, 816; 1998, c. 325; 2000, c. 180; 2003, c.331; 2006, c. 172.)
