                                 CODE OF VIRGINIA

DEFINITIONS (§ 54.1-1118)

As used in this article, unless the context requires a different meaning:
		&#8220;Act&#8221; means the Virginia Contractor Transaction Recovery Act.
		&#8220;Biennium&#8221; means a two-year period beginning on July 1 of an
even-numbered year and continuing through June 30 of the next even-numbered
year.
		&#8220;Claimant&#8221; means any person with an unsatisfied judgment involving
residential construction against a regulant, who has filed a verified claim
under this Act.
		&#8220;Fund&#8221; means the Virginia Contractor Transaction Recovery Fund.
		&#8220;Improper or dishonest conduct&#8221; includes only the wrongful taking
or conversion of money, property or other things of value which involves fraud,
material misrepresentation or conduct constituting gross negligence, continued
incompetence, or intentional violation of the Uniform Statewide Building Code
(§ 36-97 et seq.). The term &#8220;improper or dishonest conduct&#8221; does
not include mere breach of contract.
		&#8220;Judgment&#8221; includes an order of a United States Bankruptcy Court
(i) declaring a claim against a regulant who is in bankruptcy to be a
&#8220;Debt Nondischargeable in Bankruptcy,&#8221; (ii) extinguishing a claim
against a regulant who is in bankruptcy and for which claim no distribution was
made from the regulant&#8217;s bankruptcy estate but excluding any such claim
disallowed by order of the bankruptcy court, or (iii) extinguishing a claim
against a regulant who is in bankruptcy and for which claim only partial
distribution was made from the regulant&#8217;s bankruptcy estate. An order of
dismissal shall not be considered a judgment.
		&#8220;Regulant&#8221; means any individual, person, firm, corporation,
association, partnership, joint venture or any other legal entity licensed by
the Board for Contractors. &#8220;Regulant&#8221; shall not include contractors
holding only the commercial building contractor classification or individuals
licensed or certified in accordance with Article 3 (§ 54.1-1128 et seq.) or
Article 4 (§ 54.1-1140 et seq.).
		&#8220;Verified claim&#8221; means a completed application, on a form designed
by the Board, the truthfulness of which has been attested to by the claimant
before a notary public, along with all required supporting documentation, that
has been properly received by the Department in accordance with this chapter.

HISTORY: 1980, c. 635, § 54-145.3:1; 1984, c. 270; 1987, c. 555; 1988, cc. 393,
765; 1990, cc. 437, 911; 1994, c. 895; 1995, cc. 771, 784; 1996, cc. 934, 1006;
1997, c. 885; 1999, c. 55; 2013, c. 343; 2015, c. 409.