{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/54.1-1119.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/54.1-1119.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/54.1-1119.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/54.1-1119.html"}],"law_id":65141,"edition_id":1,"section_id":65141,"structure_id":13920,"section_number":"54.1-1119","catch_line":"Assessments by Director; assignment to Fund; minimum balance; notice; penalties; costs of administration","history":"1980, c. 635, \u00a7 54-145.3:2; 1984, c. 270; 1987, c. 555; 1988, c. 765; 1990, cc. 3, 437, 911; 1992, c. 810; 1995, c. 771; 1996, c. 96; 1997, c. 885; 2025, cc. 127, 133.","full_text":"A\n\nEach initial contractor applicant, at the time of application, shall be assessed $25, which shall be specifically assigned to the Fund. Initial payments may be incorporated in any application fee payment and transferred to the Fund by the Director within 30 days.\n\t\t\tAll assessments, except initial assessments, for the Fund shall be deposited within three workdays after their receipt by the Director, in one or more federally insured banks, savings and loan associations, or savings banks located in the Commonwealth. Funds deposited in banks, savings institutions, or savings banks, to the extent in excess of insurance afforded by the Federal Deposit Insurance Corporation or other federal insurance agency, shall be secured under the Virginia Security for Public Deposits Act (§ 2.2-4400 et seq.). The deposit of these funds in federally insured banks, savings and loan associations, or savings banks located in the Commonwealth shall not be considered investment of such funds for purposes of this section. Funds maintained by the Director may be invested in securities that are legal investments for fiduciaries under the provisions of § 64.2-1502.B\n\nThe minimum balance of the Fund shall be $400,000. Whenever the Director determines that the balance of the Fund is or will be less than this minimum balance, the Director shall immediately inform the Board, which shall assess each regulant at the time of his license renewal a sum sufficient to bring the balance of the Fund to an amount of not less than $400,000, when combined with similar assessments of other regulants. No regulant shall be assessed a total amount of more than $50 during any biennium.\n\t\t\tNotice to regulants of these assessments shall be by first-class mail, and payment of such assessments shall be made by first-class mail addressed to the Director within 45 days after the mailing of the notice to regulants.C\n\nIf any regulant fails to remit the required assessment mailed in accordance with subsection B within 45 days of such mailing, the Director shall notify such regulant by first-class mail at the latest address of record filed with the Board. If no payment has been received by the Director within 30 days after mailing the second notice, the license of the regulant shall be automatically suspended and shall be restored only upon the actual receipt by the Director of the delinquent assessment.\n\t\t\tInterest earned on the deposits constituting the Fund shall be used for administering the Fund. The remainder of this interest may be used for the purposes of providing educational programs about the Uniform Statewide Building Code (§ 36-97 et seq.), for providing education on subjects of benefit to licensees or members of the public relating to contracting, or shall accrue to the Fund.","order_by":null,"text":{"0":{"id":236990,"text":"Each initial contractor applicant, at the time of application, shall be assessed $25, which shall be specifically assigned to the Fund. Initial payments may be incorporated in any application fee payment and transferred to the Fund by the Director within 30 days.\n\t\t\tAll assessments, except initial assessments, for the Fund shall be deposited within three workdays after their receipt by the Director, in one or more federally insured banks, savings and loan associations, or savings banks located in the Commonwealth. Funds deposited in banks, savings institutions, or savings banks, to the extent in excess of insurance afforded by the Federal Deposit Insurance Corporation or other federal insurance agency, shall be secured under the Virginia Security for Public Deposits Act (§ 2.2-4400 et seq.). The deposit of these funds in federally insured banks, savings and loan associations, or savings banks located in the Commonwealth shall not be considered investment of such funds for purposes of this section. Funds maintained by the Director may be invested in securities that are legal investments for fiduciaries under the provisions of § 64.2-1502.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":236991,"text":"The minimum balance of the Fund shall be $400,000. Whenever the Director determines that the balance of the Fund is or will be less than this minimum balance, the Director shall immediately inform the Board, which shall assess each regulant at the time of his license renewal a sum sufficient to bring the balance of the Fund to an amount of not less than $400,000, when combined with similar assessments of other regulants. No regulant shall be assessed a total amount of more than $50 during any biennium.\n\t\t\tNotice to regulants of these assessments shall be by first-class mail, and payment of such assessments shall be made by first-class mail addressed to the Director within 45 days after the mailing of the notice to regulants.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":236992,"text":"If any regulant fails to remit the required assessment mailed in accordance with subsection B within 45 days of such mailing, the Director shall notify such regulant by first-class mail at the latest address of record filed with the Board. If no payment has been received by the Director within 30 days after mailing the second notice, the license of the regulant shall be automatically suspended and shall be restored only upon the actual receipt by the Director of the delinquent assessment.\n\t\t\tInterest earned on the deposits constituting the Fund shall be used for administering the Fund. The remainder of this interest may be used for the purposes of providing educational programs about the Uniform Statewide Building Code (§ 36-97 et seq.), for providing education on subjects of benefit to licensees or members of the public relating to contracting, or shall accrue to the Fund.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":13920,"edition_id":1,"name":"Virginia Contractor Transaction Recovery Act","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13234,"metadata":{},"date_created":"2026-06-26 03:46:18","date_modified":"2026-06-26 03:46:18","permalink":{"id":239527,"object_type":"structure","relational_id":13920,"identifier":"2","token":"54.1\/II\/11\/2","url":"\/54.1\/II\/11\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13234,"edition_id":1,"name":"Contractors","identifier":"11","label":"chapter","depth":3,"order_by":1,"parent_id":12755,"metadata":{},"date_created":"2026-06-26 03:44:29","date_modified":"2026-06-26 03:44:29","permalink":{"id":239423,"object_type":"structure","relational_id":13234,"identifier":"11","token":"54.1\/II\/11","url":"\/54.1\/II\/11\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12755,"edition_id":1,"name":"Professions and Occupations Regulated by the Department of Professional and Occupational Regulation and Boards Within the Department","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12754,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239415,"object_type":"structure","relational_id":12755,"identifier":"II","token":"54.1\/II","url":"\/54.1\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12754,"edition_id":1,"name":"Professions and Occupations","identifier":"54.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239313,"object_type":"structure","relational_id":12754,"identifier":"54.1","token":"54.1","url":"\/54.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":85483,"structure_id":13920,"section_number":"54.1-1118","catch_line":"Definitions","url":"\/54.1-1118\/","token":"54.1\/II\/11\/2\/54.1-1118","metadata":false},{"id":65141,"structure_id":13920,"section_number":"54.1-1119","catch_line":"Assessments by Director; assignment to Fund; minimum balance; notice; penalties; costs of administration","url":"\/54.1-1119\/","token":"54.1\/II\/11\/2\/54.1-1119","metadata":false},{"id":86855,"structure_id":13920,"section_number":"54.1-1120","catch_line":"Recovery from Fund generally","url":"\/54.1-1120\/","token":"54.1\/II\/11\/2\/54.1-1120","metadata":false},{"id":73226,"structure_id":13920,"section_number":"54.1-1120.1","catch_line":"Recovery on bond","url":"\/54.1-1120.1\/","token":"54.1\/II\/11\/2\/54.1-1120.1","metadata":false},{"id":60926,"structure_id":13920,"section_number":"54.1-1121","catch_line":"Investigations","url":"\/54.1-1121\/","token":"54.1\/II\/11\/2\/54.1-1121","metadata":false},{"id":54973,"structure_id":13920,"section_number":"54.1-1122","catch_line":"Consideration of applications for payment","url":"\/54.1-1122\/","token":"54.1\/II\/11\/2\/54.1-1122","metadata":false},{"id":62297,"structure_id":13920,"section_number":"54.1-1123","catch_line":"Limitations upon recovery from Fund; certain actions not a bar to recovery","url":"\/54.1-1123\/","token":"54.1\/II\/11\/2\/54.1-1123","metadata":false},{"id":86010,"structure_id":13920,"section_number":"54.1-1124","catch_line":"Participation by Board or Director in proceeding","url":"\/54.1-1124\/","token":"54.1\/II\/11\/2\/54.1-1124","metadata":false},{"id":87375,"structure_id":13920,"section_number":"54.1-1125","catch_line":"Assignment of claimant's rights to Board; payment of claim","url":"\/54.1-1125\/","token":"54.1\/II\/11\/2\/54.1-1125","metadata":false},{"id":76787,"structure_id":13920,"section_number":"54.1-1126","catch_line":"Repealed","url":"\/54.1-1126\/","token":"54.1\/II\/11\/2\/54.1-1126","metadata":false},{"id":56430,"structure_id":13920,"section_number":"54.1-1127","catch_line":"No waiver by Board of disciplinary action against regulant","url":"\/54.1-1127\/","token":"54.1\/II\/11\/2\/54.1-1127","metadata":false}],"previous_section":{"id":85483,"structure_id":13920,"section_number":"54.1-1118","catch_line":"Definitions","url":"\/54.1-1118\/","token":"54.1\/II\/11\/2\/54.1-1118","metadata":false},"next_section":{"id":86855,"structure_id":13920,"section_number":"54.1-1120","catch_line":"Recovery from Fund generally","url":"\/54.1-1120\/","token":"54.1\/II\/11\/2\/54.1-1120","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/54.1-1119\/","history_text":"

This law was first created in 1980. The record of its establishment is cataloged in chapter 635 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. Unfortunately, the 1980 \u201cActs\u201d aren\u2019t available online. 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 1984, chapter 270; in 1987, chapter 555; in 1988, chapter 765; in 1990, chapters 3, 437, and 911; in 1992, chapter 810; in 1995, chapter 771<\/a>; in 1996, chapter 96<\/a>; in 1997, chapter 885<\/a>; in 2025, chapters 127<\/a> and 133<\/a>.<\/p>","references":false,"refers_to":[{"id":63923,"section_number":"2.2-4400","catch_line":"Short title; declaration of intent; applicability","order_by":null,"url":"\/2.2-4400\/"},{"id":78167,"section_number":"36-97","catch_line":"Definitions","order_by":null,"url":"\/36-97\/"}],"permalink":{"id":239533,"object_type":"law","relational_id":65141,"identifier":"54.1-1119","token":"54.1\/II\/11\/2\/54.1-1119","url":"\/54.1-1119\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/54.1-1119\/","token":"54.1\/II\/11\/2\/54.1-1119","dublin_core":{"Title":"Assessments by Director; assignment to Fund; minimum balance; notice; penalties; costs of administration","Type":"Text","Format":"text\/html","Identifier":"\u00a7 54.1-1119","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Each initial contractor<\/span> applicant, at the time of application, shall be assessed $25, which shall be specifically assigned to the Fund<\/span>. Initial payments may be incorporated in any application fee payment and transferred to the Fund<\/span> by the Director<\/span> within 30 days.\n\t\t\tAll assessments, except initial assessments, for the Fund<\/span> shall be deposited within three workdays after their receipt by the Director<\/span>, in one or more federally insured banks, savings and loan associations, or savings banks located in the Commonwealth. Funds<\/span> deposited in banks, savings institutions, or savings banks, to the extent in excess of insurance afforded by the Federal Deposit Insurance Corporation or other federal insurance agency, shall be secured under the Virginia Security for Public Deposits Act<\/span> (§ 2.2-4400<\/a> et seq.). The deposit of these funds<\/span> in federally insured banks, savings and loan associations, or savings banks located in the Commonwealth shall not be considered investment of such funds<\/span> for purposes of this section. Funds<\/span> maintained by the Director<\/span> may be invested in securities that are legal investments for fiduciaries under the provisions of § 64.2-1502<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The minimum balance of the Fund<\/span> shall be $400,000. Whenever the Director<\/span> determines that the balance of the Fund<\/span> is or will be less than this minimum balance, the Director<\/span> shall immediately inform the Board<\/span>, which shall assess each regulant<\/span> at the time of his license renewal a sum sufficient to bring the balance of the Fund<\/span> to an amount of not less than $400,000, when combined with similar assessments of other regulants<\/span>. No regulant<\/span> shall be assessed a total amount of more than $50 during any biennium<\/span>.\n\t\t\tNotice to regulants<\/span> of these assessments shall be by first-class mail, and payment of such assessments shall be made by first-class mail addressed to the Director<\/span> within 45 days after the mailing of the notice to regulants<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> If any regulant<\/span> fails to remit the required assessment mailed in accordance with subsection B within 45 days of such mailing, the Director<\/span> shall notify such regulant<\/span> by first-class mail at the latest address of record filed with the Board<\/span>. If no payment has been received by the Director<\/span> within 30 days after mailing the second notice, the license of the regulant<\/span> shall be automatically suspended and shall be restored only upon the actual receipt by the Director<\/span> of the delinquent assessment.\n\t\t\tInterest earned on the deposits constituting the Fund<\/span> shall be used for administering the Fund<\/span>. The remainder of this interest may be used for the purposes of providing educational programs about the Uniform Statewide Building Code (§ 36-97<\/a> et seq.), for providing education on subjects of benefit to licensees or members of the public relating to contracting, or shall accrue to the Fund<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nASSESSMENTS BY DIRECTOR; ASSIGNMENT TO FUND; MINIMUM BALANCE; NOTICE; PENALTIES;\nCOSTS OF ADMINISTRATION (\u00a7 54.1-1119)\n\nA. Each initial contractor applicant, at the time of application, shall be\nassessed $25, which shall be specifically assigned to the Fund. Initial payments\nmay be incorporated in any application fee payment and transferred to the Fund\nby the Director within 30 days.\n\t\t\tAll assessments, except initial assessments, for the Fund shall be deposited\nwithin three workdays after their receipt by the Director, in one or more\nfederally insured banks, savings and loan associations, or savings banks located\nin the Commonwealth. Funds deposited in banks, savings institutions, or savings\nbanks, to the extent in excess of insurance afforded by the Federal Deposit\nInsurance Corporation or other federal insurance agency, shall be secured under\nthe Virginia Security for Public Deposits Act (§ 2.2-4400 et seq.). The\ndeposit of these funds in federally insured banks, savings and loan\nassociations, or savings banks located in the Commonwealth shall not be\nconsidered investment of such funds for purposes of this section. Funds\nmaintained by the Director may be invested in securities that are legal\ninvestments for fiduciaries under the provisions of § 64.2-1502.\n\nB. The minimum balance of the Fund shall be $400,000. Whenever the Director\ndetermines that the balance of the Fund is or will be less than this minimum\nbalance, the Director shall immediately inform the Board, which shall assess\neach regulant at the time of his license renewal a sum sufficient to bring the\nbalance of the Fund to an amount of not less than $400,000, when combined with\nsimilar assessments of other regulants. No regulant shall be assessed a total\namount of more than $50 during any biennium.\n\t\t\tNotice to regulants of these assessments shall be by first-class mail, and\npayment of such assessments shall be made by first-class mail addressed to the\nDirector within 45 days after the mailing of the notice to regulants.\n\nC. If any regulant fails to remit the required assessment mailed in accordance\nwith subsection B within 45 days of such mailing, the Director shall notify such\nregulant by first-class mail at the latest address of record filed with the\nBoard. If no payment has been received by the Director within 30 days after\nmailing the second notice, the license of the regulant shall be automatically\nsuspended and shall be restored only upon the actual receipt by the Director of\nthe delinquent assessment.\n\t\t\tInterest earned on the deposits constituting the Fund shall be used for\nadministering the Fund. The remainder of this interest may be used for the\npurposes of providing educational programs about the Uniform Statewide Building\nCode (§ 36-97 et seq.), for providing education on subjects of benefit to\nlicensees or members of the public relating to contracting, or shall accrue to\nthe Fund.\n\nHISTORY: 1980, c. 635, \u00a7 54-145.3:2; 1984, c. 270; 1987, c. 555; 1988, c. 765;\n1990, cc. 3, 437, 911; 1992, c. 810; 1995, c. 771; 1996, c. 96; 1997, c. 885;\n2025, cc. 127, 133.","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}}