                                 CODE OF VIRGINIA

RECOVERY FUND TO BE ESTABLISHED (§ 36-85.31)

A. Each manufactured home manufacturer, dealer, broker and salesperson operating
in the Commonwealth of Virginia shall be required to pay an initial assessment
fee as set forth in subsection B to the Virginia Manufactured Housing
Transaction Recovery Fund. Thereafter, assessment fees shall be assessed as
necessary to achieve and maintain a minimum fund balance of $250,000.

B. Each applicant approved by the Board for a license as a manufactured home
manufacturer, dealer, broker, or salesperson in accordance with the provisions
of Article 1 (§ 36-85.16 et seq.) of this chapter shall pay into the fund the
following assessment fees:

   1. For a manufacturer &#8212; $4,000 for each separate manufacturing facility
   payable in one installment or $4,400 payable at $2,200 per year for two years.

   2. For a dealer &#8212; $500 per retail location.

   3. For a broker &#8212; $500 per sales office.

   4. For a salesperson &#8212; $50 per individual.

C. All assessment fees collected under this article shall be deposited in the
state treasury and the State Treasurer shall credit the amount paid into a
special revenue fund from which appropriations may be utilized by the Board in
accordance with the express purposes set forth in this article. The assets of
the fund shall be invested in accordance with the advice of the State Treasurer.
Interest earned on deposits constituting this fund shall accrue to the fund or
may be used for the purposes of providing educational programs to the consumer
about manufactured housing.

HISTORY: 1991, c. 555; 1992, c. 223; 2009, cc. 141, 579.