§ 46.2-1701.1 Bond of applicants
The applicant shall file a surety bond in the amount of $100,000 for a Class A licensee and $5,000 for a Class B licensee. The bond shall be payable to the Commonwealth of Virginia and conditioned to protect the contractual rights of students. The bonding requirement for a Class A license may be reduced, at the discretion of the Department, on a showing by the school that no course of study for which tuition is collected lasts longer than thirty days or that the school collects no advance tuition other than equal monthly installments based on the length of the course of study. The minimum bond for any school shall be $5,000. The Department may collect against this bond in the case that the driver training school violates applicable state or federal law or regulation.
History
This law was first created in 1991. The record of its establishment is cataloged in chapter 214 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1991 “Acts” aren’t available online. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2019, chapter 750.
1991, c. 214; 2019, c. 750.