Code of Virginia § 36-85.31. Recovery fund to be established.

257 words·~1 min read·/va/title-36/chapter-4-2/36-85-31

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. Each manufactured home manufacturer, dealer, broker and salesperson operating in the Commonwealth of Virginia shall be required to pay an initial assessment fee as set forth in subsection B to the Virginia Manufactured Housing Transaction Recovery Fund. Thereafter, assessment fees shall be assessed 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 home manufacturer, dealer, broker, or salesperson in accordance with the provisions of Article 1 (§ 36-85.16 et seq.) of this chapter shall pay into the fund the following assessment fees:

1. For a manufacturer -- $4,000 for each separate manufacturing facility payable 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 the state treasury and the State Treasurer shall credit the amount paid into a special revenue fund from which appropriations may be utilized by the Board in accordance with the express purposes set forth in this article. The assets of the fund shall be invested in accordance with the advice of the State Treasurer. Interest earned on deposits constituting this fund shall accrue to the fund or may be used for the purposes of providing educational programs to the consumer about manufactured housing.

1991, c. 555; 1992, c. 223; 2009, cc. 141 , 579 .