                                 CODE OF VIRGINIA

REVOCATION OF LICENSE OR CERTIFICATE OF REGISTRATION ON PAYMENT FROM THE FUND
(§ 46.2-1527.7)

On payment by the Board to a claimant from the Fund as provided in this article,
the Board shall immediately notify the licensee or registrant in writing of the
Board&#8217;s payment to the claimant and request full reimbursement be made to
the Board within thirty days of the notification. Failure to reimburse the Board
in full within the specified period shall cause the Board to immediately revoke
the license or certificate of the dealer or the license of a salesperson whose
fraud, fraudulent representation, or violation of this chapter resulted in this
payment. Any person whose license or certificate is revoked shall not be
eligible to apply for a license or certificate as a motor vehicle dealer or a
license as a salesperson until the person has repaid in full the amount paid
from the Fund on his account, plus interest at the rate of eight percent per
year from the date of payment.

HISTORY: 1994, c. 478; 1995, cc. 767, 816.