{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/46.2-1527.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/46.2-1527.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/46.2-1527.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/46.2-1527.1.html"}],"law_id":54334,"edition_id":1,"section_id":54334,"structure_id":13357,"section_number":"46.2-1527.1","catch_line":"Motor Vehicle Transaction Recovery Fund established","history":"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.","full_text":"A\n\nAll 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\n\nEvery 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\n\nApplicants 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\n\nIn 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\n\nIn addition to other license fees, applicants for an original Certificate of Dealer Registration or its renewal shall pay a Fund fee of $60.F\n\nThe Board may suspend or reinstate collection of Fund fees.G\n\nThe 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\n\nThe 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\n\nThe provisions of this article shall not apply to any recreational vehicle, trailer, or motorcycle dealer licensed by the Department prior to July 1, 2015.","order_by":null,"text":{"0":{"id":199472,"text":"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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":199473,"text":"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.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":199474,"text":"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.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":199475,"text":"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.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":199476,"text":"In addition to other license fees, applicants for an original Certificate of Dealer Registration or its renewal shall pay a Fund fee of $60.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":199477,"text":"The Board may suspend or reinstate collection of Fund fees.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"6":{"id":199478,"text":"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.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"7":{"id":199479,"text":"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.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G","next_prefix":"I"},"8":{"id":199480,"text":"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.","type":"section","prefixes":["I"],"prefix":"I","entire_prefix":"I","prefix_anchor":"I","level":1,"prior_prefix":"H"}},"ancestry":[{"id":13357,"edition_id":1,"name":"Motor Vehicle Transaction Recovery Fund","identifier":"3.1","label":"article","depth":4,"order_by":1,"parent_id":13356,"metadata":{},"date_created":"2026-06-26 03:44:42","date_modified":"2026-06-26 03:44:42","permalink":{"id":231229,"object_type":"structure","relational_id":13357,"identifier":"3.1","token":"46.2\/IV\/15\/3.1","url":"\/46.2\/IV\/15\/3.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13356,"edition_id":1,"name":"Motor Vehicle Dealers","identifier":"15","label":"chapter","depth":3,"order_by":1,"parent_id":13355,"metadata":{},"date_created":"2026-06-26 03:44:42","date_modified":"2026-06-26 03:44:42","permalink":{"id":231067,"object_type":"structure","relational_id":13356,"identifier":"15","token":"46.2\/IV\/15","url":"\/46.2\/IV\/15\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13355,"edition_id":1,"name":"Dealers and Driver Training Schools","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12770,"metadata":{},"date_created":"2026-06-26 03:44:42","date_modified":"2026-06-26 03:44:42","permalink":{"id":231065,"object_type":"structure","relational_id":13355,"identifier":"IV","token":"46.2\/IV","url":"\/46.2\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12770,"edition_id":1,"name":"Motor Vehicles","identifier":"46.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:52","date_modified":"2026-06-26 03:43:52","permalink":{"id":225289,"object_type":"structure","relational_id":12770,"identifier":"46.2","token":"46.2","url":"\/46.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":54334,"structure_id":13357,"section_number":"46.2-1527.1","catch_line":"Motor Vehicle Transaction Recovery Fund established","url":"\/46.2-1527.1\/","token":"46.2\/IV\/15\/3.1\/46.2-1527.1","metadata":false},{"id":70680,"structure_id":13357,"section_number":"46.2-1527.2","catch_line":"Bonding requirements for applicants for an original license","url":"\/46.2-1527.2\/","token":"46.2\/IV\/15\/3.1\/46.2-1527.2","metadata":false},{"id":74246,"structure_id":13357,"section_number":"46.2-1527.3","catch_line":"Recovery from Fund, generally","url":"\/46.2-1527.3\/","token":"46.2\/IV\/15\/3.1\/46.2-1527.3","metadata":false},{"id":82456,"structure_id":13357,"section_number":"46.2-1527.4","catch_line":"Opportunity to intervene","url":"\/46.2-1527.4\/","token":"46.2\/IV\/15\/3.1\/46.2-1527.4","metadata":false},{"id":77640,"structure_id":13357,"section_number":"46.2-1527.5","catch_line":"Limitations on recovery from Fund","url":"\/46.2-1527.5\/","token":"46.2\/IV\/15\/3.1\/46.2-1527.5","metadata":false},{"id":63395,"structure_id":13357,"section_number":"46.2-1527.6","catch_line":"Assignment of claimant's rights to the Board; payment of claims","url":"\/46.2-1527.6\/","token":"46.2\/IV\/15\/3.1\/46.2-1527.6","metadata":false},{"id":55176,"structure_id":13357,"section_number":"46.2-1527.7","catch_line":"Revocation of license or certificate of registration on payment from the Fund","url":"\/46.2-1527.7\/","token":"46.2\/IV\/15\/3.1\/46.2-1527.7","metadata":false},{"id":55651,"structure_id":13357,"section_number":"46.2-1527.8","catch_line":"No waiver by the Board of disciplinary action against licensee or registrant","url":"\/46.2-1527.8\/","token":"46.2\/IV\/15\/3.1\/46.2-1527.8","metadata":false}],"next_section":{"id":70680,"structure_id":13357,"section_number":"46.2-1527.2","catch_line":"Bonding requirements for applicants for an original license","url":"\/46.2-1527.2\/","token":"46.2\/IV\/15\/3.1\/46.2-1527.2","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/46.2-1527.1\/","history_text":"

This law was first created in 1994. The record of its establishment is cataloged in chapters 478<\/a> and 671<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 9 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1995, chapters 767<\/a> and 816<\/a>; in 1998, chapter 325<\/a>; in 2000, chapter 180<\/a>; in 2003, chapter 331<\/a>; in 2006, chapter 172<\/a>; in 2011, chapter 407<\/a>; in 2012, chapters 10<\/a> and 119<\/a>; in 2014, chapter 695<\/a>; in 2015, chapter 615<\/a>.<\/p>","references":[{"id":65454,"section_number":"46.2-1503.4","catch_line":"General powers and duties of Board","order_by":null,"url":"\/46.2-1503.4\/"},{"id":82941,"section_number":"46.2-1508.1","catch_line":"Licensure of certain nonprofit organizations","order_by":null,"url":"\/46.2-1508.1\/"},{"id":76642,"section_number":"46.2-1520","catch_line":"Collection of license and registration fees; payments from fund","order_by":null,"url":"\/46.2-1520\/"},{"id":83757,"section_number":"46.2-1527.9","catch_line":"Continuous bonding requirements for Fund nonparticipants","order_by":null,"url":"\/46.2-1527.9\/"}],"refers_to":[{"id":70680,"section_number":"46.2-1527.2","catch_line":"Bonding requirements for applicants for an original license","order_by":null,"url":"\/46.2-1527.2\/"},{"id":74246,"section_number":"46.2-1527.3","catch_line":"Recovery from Fund, generally","order_by":null,"url":"\/46.2-1527.3\/"},{"id":83757,"section_number":"46.2-1527.9","catch_line":"Continuous bonding requirements for Fund nonparticipants","order_by":null,"url":"\/46.2-1527.9\/"}],"permalink":{"id":231231,"object_type":"law","relational_id":54334,"identifier":"46.2-1527.1","token":"46.2\/IV\/15\/3.1\/46.2-1527.1","url":"\/46.2-1527.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/46.2-1527.1\/","token":"46.2\/IV\/15\/3.1\/46.2-1527.1","dublin_core":{"Title":"Motor Vehicle Transaction Recovery Fund established","Type":"Text","Format":"text\/html","Identifier":"\u00a7 46.2-1527.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> All fees in this article shall be deposited in the Motor Vehicle<\/span> Transaction Recovery Fund<\/span>, referred to in this article as “the Fund<\/span>.” The Fund<\/span> shall be a special fund<\/span> in the state treasury to pay claims against the Fund<\/span> and for no other purpose, provided that any such payment does not result in a negative balance of the Fund<\/span>, except the Board<\/span> 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<\/span> of less than $250,000. The Fund<\/span> shall be used<\/span> to satisfy unpaid judgments<\/span>, as provided for in § 46.2-1527.3<\/a>. Any interest income shall accrue to the Fund<\/span>. The Board<\/span> shall maintain an accurate record of all transactions involving the Fund<\/span>. The Board<\/span> may levy<\/span> a special assessment on all dealers<\/span> participating in the Fund<\/span> to pay claims against the Fund<\/span> and to maintain a minimum Fund<\/span> balance that is in its judgment<\/span> adequate. The Board<\/span> may choose to await a positive balance in the Fund<\/span> to pay claims ready for payment in chronological order<\/span>, provided such claims do not go unpaid for more than 60 days. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Every applicant renewing a motor vehicle dealer<\/span>’s license shall pay, in addition to other license fees, an annual Fund<\/span> fee of $100, and every applicant for a motor vehicle salesperson<\/span>’s license shall pay, in addition to other license fees, an annual Fund<\/span> fee of $10, prior to license issue<\/span>. However, annual Fund<\/span> renewal fees from salespersons<\/span> shall not exceed $100 per year from an individual dealer. These fees shall be deposited in the Motor Vehicle Transaction Recovery Fund<\/span>. Any salesperson licensed by the Department<\/span> and having never paid such a fee prior to July 1, 2015, shall be exempt from this subsection. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Applicants for an original motor vehicle dealer<\/span>’s license shall pay an annual Fund<\/span> fee of $350 each year for three consecutive years. During this period, the $350 Fund<\/span> fee will take the place of the annual $100 Fund<\/span> fee. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> In addition to the $350 annual fee, applicants for an original dealer’s license shall have a $50,000 bond<\/span> pursuant to § 46.2-1527.2<\/a> for three consecutive years. Only those renewing licensees who have not been the subject of a claim against their bond<\/span> or against the Fund<\/span> 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<\/span>. Any salesperson licensed by the Department<\/span> and having never paid such fee prior to July 1, 2015, shall be exempt from this subsection. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> In addition to other license fees, applicants for an original Certificate of Dealer Registration or its renewal shall pay a Fund<\/span> fee of $60. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> The Board<\/span> may suspend<\/span> or reinstate collection of Fund<\/span> fees. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> The provisions of this section shall not apply to manufactured home dealers<\/span> or nonprofit organizations issued certificates pursuant to subsection B of § 46.2-1508.1<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

H.<\/span> The provisions of this section shall not apply to applicants for the renewal of a motor vehicle dealer<\/span>’s license where such applicants have not been the subject of a claim against a bond<\/span> issued pursuant to § 46.2-1527.2<\/a> or against the Fund<\/span> for three years and such applicants elect to maintain continuous bonding pursuant to Article 3.2 (§ 46.2-1527.9<\/a> et seq.). Such applicants shall not participate in the Fund<\/span> and shall be exempt from the payment of any Fund<\/span> fees. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

I.<\/span> The provisions of this article shall not apply to any recreational vehicle<\/span>, trailer<\/span>, or motorcycle<\/span> dealer licensed by the Department<\/span> prior to July 1, 2015. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nMOTOR VEHICLE TRANSACTION RECOVERY FUND ESTABLISHED (\u00a7 46.2-1527.1)\n\nA. All fees in this article shall be deposited in the Motor Vehicle Transaction\nRecovery Fund, referred to in this article as “the Fund.” The Fund\nshall be a special fund in the state treasury to pay claims against the Fund and\nfor no other purpose, provided that any such payment does not result in a\nnegative balance of the Fund, except the Board may expend moneys for the\nadministration of this article up to the maximum amount authorized for consumer\nassistance in the general appropriation act, provided the amount expended for\nadministration does not result in a balance of the Fund of less than $250,000.\nThe Fund shall be used to satisfy unpaid judgments, as provided for in §\n46.2-1527.3. Any interest income shall accrue to the Fund. The Board shall\nmaintain an accurate record of all transactions involving the Fund. The Board\nmay levy a special assessment on all dealers participating in the Fund to pay\nclaims against the Fund and to maintain a minimum Fund balance that is in its\njudgment adequate. The Board may choose to await a positive balance in the Fund\nto pay claims ready for payment in chronological order, provided such claims do\nnot go unpaid for more than 60 days.\n\nB. Every applicant renewing a motor vehicle dealer’s license shall pay, in\naddition to other license fees, an annual Fund fee of $100, and every applicant\nfor a motor vehicle salesperson’s license shall pay, in addition to other\nlicense fees, an annual Fund fee of $10, prior to license issue. However, annual\nFund renewal fees from salespersons shall not exceed $100 per year from an\nindividual dealer. These fees shall be deposited in the Motor Vehicle\nTransaction Recovery Fund. Any salesperson licensed by the Department and having\nnever paid such a fee prior to July 1, 2015, shall be exempt from this\nsubsection.\n\nC. Applicants for an original motor vehicle dealer’s license shall pay an\nannual Fund fee of $350 each year for three consecutive years. During this\nperiod, the $350 Fund fee will take the place of the annual $100 Fund fee.\n\nD. In addition to the $350 annual fee, applicants for an original dealer’s\nlicense shall have a $50,000 bond pursuant to § 46.2-1527.2 for three\nconsecutive years. Only those renewing licensees who have not been the subject\nof a claim against their bond or against the Fund for three consecutive years\nshall pay the annual $100 fee and will no longer be required to pay the $350\nannual fee or hold the $50,000 bond. Any salesperson licensed by the Department\nand having never paid such fee prior to July 1, 2015, shall be exempt from this\nsubsection.\n\nE. In addition to other license fees, applicants for an original Certificate of\nDealer Registration or its renewal shall pay a Fund fee of $60.\n\nF. The Board may suspend or reinstate collection of Fund fees.\n\nG. The provisions of this section shall not apply to manufactured home dealers\nor nonprofit organizations issued certificates pursuant to subsection B of\n§ 46.2-1508.1.\n\nH. The provisions of this section shall not apply to applicants for the renewal\nof a motor vehicle dealer’s license where such applicants have not been\nthe subject of a claim against a bond issued pursuant to § 46.2-1527.2 or\nagainst the Fund for three years and such applicants elect to maintain\ncontinuous bonding pursuant to Article 3.2 (§ 46.2-1527.9 et seq.). Such\napplicants shall not participate in the Fund and shall be exempt from the\npayment of any Fund fees.\n\nI. The provisions of this article shall not apply to any recreational vehicle,\ntrailer, or motorcycle dealer licensed by the Department prior to July 1, 2015.\n\nHISTORY: 1994, cc. 478, 671; 1995, cc. 767, 816; 1998, c. 325; 2000, c. 180;\n2003, c. 331; 2006, c. 172; 2011, c. 407; 2012, cc. 10, 119; 2014, c. 695; 2015,\nc. 615.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}