                                 CODE OF VIRGINIA

RECOVERY FROM FUND GENERALLY (§ 36-85.32)

Any person who suffers any loss or damage by any act of a regulant that
constitutes a violation of this chapter shall have the right to institute an
action to recover from the recovery fund.
		Upon a finding by the Board that a violation has occurred, the Board shall
direct the responsible manufacturer, dealer, broker, or salesperson to pay the
awarded amount to the claimant. If such amount is not paid within thirty days
following receipt of the written decision of the Board and no appeal has been
filed in court, the Board shall, upon request of the claimant, pay from the
recovery fund the amount of the award to the claimant provided that:

1. The maximum claim of one claimant against the fund because of a single or
multiple violations by one or more regulants shall be limited to $40,000;

2. The fund balance is sufficient to pay the award;

3. The claimant has assigned the Board all rights and claims against the
regulant; and

4. The claimant agrees to subrogate to the Board all rights of the claimant to
the extent of payment.
			The aggregate of claims against the fund for violations by any one regulant
shall be limited by the Board to $75,000 per manufacturer, $35,000 per dealer,
$35,000 per broker, and $25,000 per salesperson during any license period. If a
claim has been made against the fund, and the Board has reason to believe there
may be additional claims against the fund from other transactions involving the
same regulant, the Board may withhold any payments from the fund involving such
regulant for a period of not more than one year from the date on which the
claimant is approved by the Board for an award from the fund. After this
one-year period, if the aggregate of claims against the regulant exceeds the
above limitations, said amount shall be prorated by the Board among the
claimants and paid from the fund in proportion to the amounts of their awards
remaining unpaid.
			The amount of damages awarded by the Board shall be limited to actual,
compensatory damages and shall not include attorney&#8217;s fees for
representation before the Board.

HISTORY: 1991, c. 555; 1992, c. 223; 1994, c. 671; 2009, cc. 141, 579.