{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/54.1-2113.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/54.1-2113.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/54.1-2113.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/54.1-2113.html"}],"law_id":65698,"edition_id":1,"section_id":65698,"structure_id":14466,"section_number":"54.1-2113","catch_line":"Establishment and maintenance of fund, duty of Director, assessments of regulants","history":"1977, c. 69, \u00a7 54-765.3; 1982, c. 6; 1984, c. 266; 1987, c. 555; 1988, c. 765; 1990, c. 3; 1992, cc. 348, 810; 1997, c. 82; 2007, c. 791; 2013, c. 754.","full_text":"A\n\nEach initial regulant at the time of licensure shall be assessed $20, 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.B\n\nAll assessments, except initial assessments, for the fund shall be deposited, within three work days 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 and loan associations 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 (&#xA7; 2.2-4400 et seq.). The deposit of these funds in federally insured banks, savings institutions 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 &#xA7; 64.2-1502. The Director shall maintain in his office an accurate record of all transactions involving the fund, which records shall be open for inspection and copying by the public during the normal business hours of the Director.C\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 such minimum balance, the Director shall immediately inform the Board. At the same time, the Director may recommend that the Board transfer a fixed amount of interest earnings to the fund to bring the balance of the fund to the amount required by this subsection. Such transfer of interest shall be considered by the Board within 30 days of the notification of the Director.D\n\nIf available interest earnings are insufficient to bring the balance of the fund to the minimum amount required by this section, or if a transfer of available interest earnings to the fund has not occurred, the Board shall assess each regulant within 30 days of notification by the Director, a sum sufficient to bring the balance of the fund to the required minimum amount. The Board may order an assessment of regulants at any time in addition to any required assessment. No regulant shall be assessed a total amount of more than $20 during any biennial license period or part thereof, the biennial period expiring on June 30 of each even-numbered year. Assessments of regulants made pursuant to this subsection may be issued by the Board (i) after a determination made by it or (ii) at the time of license renewal.E\n\nAt the close of each fiscal year, whenever the balance of the fund exceeds $2 million, the amount in excess of $2 million shall be transferred to the Virginia Housing Trust Fund established pursuant to Chapter 9 (&#xA7; 36-141 et seq.) of Title 36. Except for transfers pursuant to this subsection, there shall be no transfers out of the fund, including transfers to the general fund, regardless of the balance of the fund.F\n\nIf the Board determines that all regulants will be assessed concurrently, notice to the regulants of such assessments shall be by first-class mail, and payment of such assessments shall be made by first-class mail to the Director within 45 days after the mailing to regulants of such notice.\n\t\t\tIf the Board determines that all regulants will be assessed in conjunction with license renewal, notice to the regulants may be included with the license renewal notice issued by the Board. The assessment shall be due with the payment of the license renewal fees. No license shall be renewed or reinstated until any outstanding assessments are paid.G\n\nIf any regulant fails to remit the required payment mailed in accordance with subsection F within 45 days of the mailing, the Director shall notify the 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 shall be automatically suspended. The license shall be restored only upon the actual receipt by the Director of the delinquent assessment.H\n\nThe costs of administering the act shall be paid out of interest earned on deposits constituting the fund. The remainder of the interest, at the discretion of the Board, may (i) be used for providing research and education on subjects of benefit to real estate regulants or members of the public, (ii) be transferred to the Virginia Housing Trust Fund, or (iii) accrue to the fund in accordance with subsection C.","order_by":null,"text":{"0":{"id":238804,"text":"Each initial regulant at the time of licensure shall be assessed $20, 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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":238805,"text":"All assessments, except initial assessments, for the fund shall be deposited, within three work days 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 and loan associations 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 (&#xA7; 2.2-4400 et seq.). The deposit of these funds in federally insured banks, savings institutions 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 &#xA7; 64.2-1502. The Director shall maintain in his office an accurate record of all transactions involving the fund, which records shall be open for inspection and copying by the public during the normal business hours of the Director.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":238806,"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 such minimum balance, the Director shall immediately inform the Board. At the same time, the Director may recommend that the Board transfer a fixed amount of interest earnings to the fund to bring the balance of the fund to the amount required by this subsection. Such transfer of interest shall be considered by the Board within 30 days of the notification of the Director.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":238807,"text":"If available interest earnings are insufficient to bring the balance of the fund to the minimum amount required by this section, or if a transfer of available interest earnings to the fund has not occurred, the Board shall assess each regulant within 30 days of notification by the Director, a sum sufficient to bring the balance of the fund to the required minimum amount. The Board may order an assessment of regulants at any time in addition to any required assessment. No regulant shall be assessed a total amount of more than $20 during any biennial license period or part thereof, the biennial period expiring on June 30 of each even-numbered year. Assessments of regulants made pursuant to this subsection may be issued by the Board (i) after a determination made by it or (ii) at the time of license renewal.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":238808,"text":"At the close of each fiscal year, whenever the balance of the fund exceeds $2 million, the amount in excess of $2 million shall be transferred to the Virginia Housing Trust Fund established pursuant to Chapter 9 (&#xA7; 36-141 et seq.) of Title 36. Except for transfers pursuant to this subsection, there shall be no transfers out of the fund, including transfers to the general fund, regardless of the balance of the fund.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":238809,"text":"If the Board determines that all regulants will be assessed concurrently, notice to the regulants of such assessments shall be by first-class mail, and payment of such assessments shall be made by first-class mail to the Director within 45 days after the mailing to regulants of such notice.\n\t\t\tIf the Board determines that all regulants will be assessed in conjunction with license renewal, notice to the regulants may be included with the license renewal notice issued by the Board. The assessment shall be due with the payment of the license renewal fees. No license shall be renewed or reinstated until any outstanding assessments are paid.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"6":{"id":238810,"text":"If any regulant fails to remit the required payment mailed in accordance with subsection F within 45 days of the mailing, the Director shall notify the 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 shall be automatically suspended. The license shall be restored only upon the actual receipt by the Director of the delinquent assessment.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"7":{"id":238811,"text":"The costs of administering the act shall be paid out of interest earned on deposits constituting the fund. The remainder of the interest, at the discretion of the Board, may (i) be used for providing research and education on subjects of benefit to real estate regulants or members of the public, (ii) be transferred to the Virginia Housing Trust Fund, or (iii) accrue to the fund in accordance with subsection C.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G"}},"ancestry":[{"id":14466,"edition_id":1,"name":"Virginia Real Estate Transaction Recovery Act","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":12756,"metadata":{},"date_created":"2026-06-26 03:48:14","date_modified":"2026-06-26 03:48:14","permalink":{"id":240015,"object_type":"structure","relational_id":14466,"identifier":"2","token":"54.1\/II\/21\/2","url":"\/54.1\/II\/21\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12756,"edition_id":1,"name":"Real Estate Brokers, Sales Persons and Rental Location Agents","identifier":"21","label":"chapter","depth":3,"order_by":1,"parent_id":12755,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239911,"object_type":"structure","relational_id":12756,"identifier":"21","token":"54.1\/II\/21","url":"\/54.1\/II\/21\/","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":60222,"structure_id":14466,"section_number":"54.1-2112","catch_line":"Definitions","url":"\/54.1-2112\/","token":"54.1\/II\/21\/2\/54.1-2112","metadata":false},{"id":65698,"structure_id":14466,"section_number":"54.1-2113","catch_line":"Establishment and maintenance of fund, duty of Director, assessments of regulants","url":"\/54.1-2113\/","token":"54.1\/II\/21\/2\/54.1-2113","metadata":false},{"id":61533,"structure_id":14466,"section_number":"54.1-2114","catch_line":"Recovery from fund generally","url":"\/54.1-2114\/","token":"54.1\/II\/21\/2\/54.1-2114","metadata":false},{"id":69136,"structure_id":14466,"section_number":"54.1-2115","catch_line":"Investigations","url":"\/54.1-2115\/","token":"54.1\/II\/21\/2\/54.1-2115","metadata":false},{"id":59654,"structure_id":14466,"section_number":"54.1-2116","catch_line":"Limitations upon recovery from fund; certain actions not a bar to recovery","url":"\/54.1-2116\/","token":"54.1\/II\/21\/2\/54.1-2116","metadata":false},{"id":62973,"structure_id":14466,"section_number":"54.1-2117","catch_line":"Participation by Board in proceedings","url":"\/54.1-2117\/","token":"54.1\/II\/21\/2\/54.1-2117","metadata":false},{"id":55845,"structure_id":14466,"section_number":"54.1-2118","catch_line":"Payment of claim; assignment of claimant's rights to Board","url":"\/54.1-2118\/","token":"54.1\/II\/21\/2\/54.1-2118","metadata":false},{"id":72764,"structure_id":14466,"section_number":"54.1-2119","catch_line":"Revocation of license of regulant upon payment from fund","url":"\/54.1-2119\/","token":"54.1\/II\/21\/2\/54.1-2119","metadata":false},{"id":83015,"structure_id":14466,"section_number":"54.1-2120","catch_line":"No waiver by Board of disciplinary action against regulant","url":"\/54.1-2120\/","token":"54.1\/II\/21\/2\/54.1-2120","metadata":false}],"previous_section":{"id":60222,"structure_id":14466,"section_number":"54.1-2112","catch_line":"Definitions","url":"\/54.1-2112\/","token":"54.1\/II\/21\/2\/54.1-2112","metadata":false},"next_section":{"id":61533,"structure_id":14466,"section_number":"54.1-2114","catch_line":"Recovery from fund generally","url":"\/54.1-2114\/","token":"54.1\/II\/21\/2\/54.1-2114","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/54.1-2113\/","history_text":"<p>This law was first created in 1977. The record of its establishment is cataloged in chapter 69 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 1977 \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 1982, chapter 6; in 1984, chapter 266; in 1987, chapter 555; in 1988, chapter 765; in 1990, chapter 3; in 1992, chapters 348 and 810; in 1997, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?971+ful+CHAP0082\">82<\/a>; in 2007, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?071+ful+CHAP0791\">791<\/a>; in 2013, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?131+ful+CHAP0754\">754<\/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":84587,"section_number":"36-141","catch_line":"Definitions","order_by":null,"url":"\/36-141\/"},{"id":55439,"section_number":"64.2-1502","catch_line":"In what securities fiduciaries may invest; definitions","order_by":null,"url":"\/64.2-1502\/"}],"permalink":{"id":240021,"object_type":"law","relational_id":65698,"identifier":"54.1-2113","token":"54.1\/II\/21\/2\/54.1-2113","url":"\/54.1-2113\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/54.1-2113\/","token":"54.1\/II\/21\/2\/54.1-2113","dublin_core":{"Title":"Establishment and maintenance of fund, duty of Director, assessments of regulants","Type":"Text","Format":"text\/html","Identifier":"\u00a7 54.1-2113","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> Each initial <span class=\"dictionary\">regulant<\/span> at the time of licensure shall be assessed $20, which shall be specifically assigned to the <span class=\"dictionary\">fund<\/span>. Initial payments may be incorporated in any application fee payment and transferred to the <span class=\"dictionary\">fund<\/span> by the <span class=\"dictionary\">Director<\/span> within 30 days. <a id=\"paragraph-238804\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/54.1-2113\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> All assessments, except initial assessments, for the <span class=\"dictionary\">fund<\/span> shall be deposited, within three work days after their receipt by the <span class=\"dictionary\">Director<\/span>, in one or more federally insured banks, savings and loan associations or savings banks located in the Commonwealth. <span class=\"dictionary\">Funds<\/span> deposited in banks, savings and loan associations 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 <span class=\"dictionary\">Act<\/span> (&#xA7; <a class=\"law\" title=\"Short title; declaration of intent; applicability\" href=\"\/2.2-4400\/\">2.2-4400<\/a> et seq.). The deposit of these <span class=\"dictionary\">funds<\/span> in federally insured banks, savings institutions or savings banks located in the Commonwealth shall not be considered investment of such <span class=\"dictionary\">funds<\/span> for purposes of this section. <span class=\"dictionary\">Funds<\/span> maintained by the <span class=\"dictionary\">Director<\/span> may be invested in securities that are legal investments for fiduciaries under the provisions of &#xA7; <a class=\"law\" title=\"In what securities fiduciaries may invest; definitions\" href=\"\/64.2-1502\/\">64.2-1502<\/a>. The <span class=\"dictionary\">Director<\/span> shall maintain in his office an accurate record of all transactions involving the <span class=\"dictionary\">fund<\/span>, which records shall be open for inspection and copying by the public during the normal business hours of the <span class=\"dictionary\">Director<\/span>. <a id=\"paragraph-238805\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/54.1-2113\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"C\"><p><span class=\"prefix-number\">C.<\/span> The minimum <span class=\"dictionary\">balance of the fund<\/span> shall be $400,000. Whenever the <span class=\"dictionary\">Director<\/span> determines that the <span class=\"dictionary\">balance of the fund<\/span> is or will be less than such minimum balance, the <span class=\"dictionary\">Director<\/span> shall immediately inform the <span class=\"dictionary\">Board<\/span>. At the same time, the <span class=\"dictionary\">Director<\/span> may recommend that the <span class=\"dictionary\">Board<\/span> transfer a fixed amount of interest earnings to the fund to bring the <span class=\"dictionary\">balance of the fund<\/span> to the amount required by this subsection. Such transfer of interest shall be considered by the <span class=\"dictionary\">Board<\/span> within 30 days of the notification of the <span class=\"dictionary\">Director<\/span>. <a id=\"paragraph-238806\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/54.1-2113\/#C\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"D\"><p><span class=\"prefix-number\">D.<\/span> If available interest earnings are insufficient to bring the <span class=\"dictionary\">balance of the fund<\/span> to the minimum amount required by this section, or if a transfer of available interest earnings to the fund has not occurred, the <span class=\"dictionary\">Board<\/span> shall assess each <span class=\"dictionary\">regulant<\/span> within 30 days of notification by the <span class=\"dictionary\">Director<\/span>, a sum sufficient to bring the <span class=\"dictionary\">balance of the fund<\/span> to the required minimum amount. The <span class=\"dictionary\">Board<\/span> may <span class=\"dictionary\">order<\/span> an assessment of <span class=\"dictionary\">regulants<\/span> at any time in addition to any required assessment. No <span class=\"dictionary\">regulant<\/span> shall be assessed a total amount of more than $20 during any biennial license period or part thereof, the biennial period expiring on June 30 of each even-numbered year. Assessments of <span class=\"dictionary\">regulants<\/span> made pursuant to this subsection may be issued by the <span class=\"dictionary\">Board<\/span> (i) after a determination made by it or (ii) at the time of license renewal. <a id=\"paragraph-238807\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/54.1-2113\/#D\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"E\"><p><span class=\"prefix-number\">E.<\/span> At the close of each fiscal year, whenever the <span class=\"dictionary\">balance of the fund<\/span> exceeds $2 million, the amount in excess of $2 million shall be transferred to the Virginia Housing Trust Fund established pursuant to Chapter 9 (&#xA7; <a class=\"law\" title=\"Definitions\" href=\"\/36-141\/\">36-141<\/a> et seq.) of Title 36. Except for transfers pursuant to this subsection, there shall be no transfers out of the fund, including transfers to the general fund, regardless of the <span class=\"dictionary\">balance of the fund<\/span>. <a id=\"paragraph-238808\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/54.1-2113\/#E\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"F\"><p><span class=\"prefix-number\">F.<\/span> If the <span class=\"dictionary\">Board<\/span> determines that all <span class=\"dictionary\">regulants<\/span> will be assessed concurrently, notice to the <span class=\"dictionary\">regulants<\/span> of such assessments shall be by first-class mail, and payment of such assessments shall be made by first-class mail to the <span class=\"dictionary\">Director<\/span> within 45 days after the mailing to <span class=\"dictionary\">regulants<\/span> of such notice.\n\t\t\tIf the <span class=\"dictionary\">Board<\/span> determines that all <span class=\"dictionary\">regulants<\/span> will be assessed in conjunction with license renewal, notice to the <span class=\"dictionary\">regulants<\/span> may be included with the license renewal notice issued by the <span class=\"dictionary\">Board<\/span>. The assessment shall be due with the payment of the license renewal fees. No license shall be renewed or reinstated until any outstanding assessments are paid. <a id=\"paragraph-238809\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/54.1-2113\/#F\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"G\"><p><span class=\"prefix-number\">G.<\/span> If any <span class=\"dictionary\">regulant<\/span> fails to remit the required payment mailed in accordance with subsection F within 45 days of the mailing, the <span class=\"dictionary\">Director<\/span> shall notify the <span class=\"dictionary\">regulant<\/span> by first-class mail at the latest address of record filed with the <span class=\"dictionary\">Board<\/span>. If no payment has been received by the <span class=\"dictionary\">Director<\/span> within 30 days after mailing the second notice, the license shall be automatically suspended. The license shall be restored only upon the actual receipt by the <span class=\"dictionary\">Director<\/span> of the delinquent assessment. <a id=\"paragraph-238810\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/54.1-2113\/#G\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"H\"><p><span class=\"prefix-number\">H.<\/span> The costs of administering the <span class=\"dictionary\">act<\/span> shall be paid out of interest earned on deposits constituting the fund. The remainder of the interest, at the discretion of the <span class=\"dictionary\">Board<\/span>, may (i) be used for providing research and education on subjects of benefit to real estate <span class=\"dictionary\">regulants<\/span> or members of the public, (ii) be transferred to the Virginia Housing Trust Fund, or (iii) accrue to the fund in accordance with subsection C. <a id=\"paragraph-238811\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/54.1-2113\/#H\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nESTABLISHMENT AND MAINTENANCE OF FUND, DUTY OF DIRECTOR, ASSESSMENTS OF\nREGULANTS (\u00a7 54.1-2113)\n\nA. Each initial regulant at the time of licensure shall be assessed $20, which\nshall be specifically assigned to the fund. Initial payments may be incorporated\nin any application fee payment and transferred to the fund by the Director\nwithin 30 days.\n\nB. All assessments, except initial assessments, for the fund shall be deposited,\nwithin three work days 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 and loan associations or\nsavings banks, to the extent in excess of insurance afforded by the Federal\nDeposit Insurance Corporation or other federal insurance agency, shall be\nsecured under the Virginia Security for Public Deposits Act (&#xA7; 2.2-4400 et\nseq.). The deposit of these funds in federally insured banks, savings\ninstitutions 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 &#xA7; 64.2-1502. The\nDirector shall maintain in his office an accurate record of all transactions\ninvolving the fund, which records shall be open for inspection and copying by\nthe public during the normal business hours of the Director.\n\nC. 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 such minimum\nbalance, the Director shall immediately inform the Board. At the same time, the\nDirector may recommend that the Board transfer a fixed amount of interest\nearnings to the fund to bring the balance of the fund to the amount required by\nthis subsection. Such transfer of interest shall be considered by the Board\nwithin 30 days of the notification of the Director.\n\nD. If available interest earnings are insufficient to bring the balance of the\nfund to the minimum amount required by this section, or if a transfer of\navailable interest earnings to the fund has not occurred, the Board shall assess\neach regulant within 30 days of notification by the Director, a sum sufficient\nto bring the balance of the fund to the required minimum amount. The Board may\norder an assessment of regulants at any time in addition to any required\nassessment. No regulant shall be assessed a total amount of more than $20 during\nany biennial license period or part thereof, the biennial period expiring on\nJune 30 of each even-numbered year. Assessments of regulants made pursuant to\nthis subsection may be issued by the Board (i) after a determination made by it\nor (ii) at the time of license renewal.\n\nE. At the close of each fiscal year, whenever the balance of the fund exceeds $2\nmillion, the amount in excess of $2 million shall be transferred to the Virginia\nHousing Trust Fund established pursuant to Chapter 9 (&#xA7; 36-141 et seq.) of\nTitle 36. Except for transfers pursuant to this subsection, there shall be no\ntransfers out of the fund, including transfers to the general fund, regardless\nof the balance of the fund.\n\nF. If the Board determines that all regulants will be assessed concurrently,\nnotice to the regulants of such assessments shall be by first-class mail, and\npayment of such assessments shall be made by first-class mail to the Director\nwithin 45 days after the mailing to regulants of such notice.\n\t\t\tIf the Board determines that all regulants will be assessed in conjunction\nwith license renewal, notice to the regulants may be included with the license\nrenewal notice issued by the Board. The assessment shall be due with the payment\nof the license renewal fees. No license shall be renewed or reinstated until any\noutstanding assessments are paid.\n\nG. If any regulant fails to remit the required payment mailed in accordance with\nsubsection F within 45 days of the mailing, the Director shall notify the\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 shall be automatically suspended. The\nlicense shall be restored only upon the actual receipt by the Director of the\ndelinquent assessment.\n\nH. The costs of administering the act shall be paid out of interest earned on\ndeposits constituting the fund. The remainder of the interest, at the discretion\nof the Board, may (i) be used for providing research and education on subjects\nof benefit to real estate regulants or members of the public, (ii) be\ntransferred to the Virginia Housing Trust Fund, or (iii) accrue to the fund in\naccordance with subsection C.\n\nHISTORY: 1977, c. 69, \u00a7 54-765.3; 1982, c. 6; 1984, c. 266; 1987, c. 555; 1988,\nc. 765; 1990, c. 3; 1992, cc. 348, 810; 1997, c. 82; 2007, c. 791; 2013, c. 754.","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}}