                                 CODE OF VIRGINIA

ASSESSMENTS BY DIRECTOR; ASSIGNMENT TO FUND; MINIMUM BALANCE; NOTICE; PENALTIES;
COSTS OF ADMINISTRATION (§ 54.1-1119)

A. Each initial contractor applicant, at the time of application, shall be
assessed $25, 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.
			All assessments, except initial assessments, for the Fund shall be deposited
within three workdays 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 institutions, 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 and loan
associations, 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.

B. 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 this minimum
balance, the Director shall immediately inform the Board, which shall assess
each regulant at the time of his license renewal a sum sufficient to bring the
balance of the Fund to an amount of not less than $400,000, when combined with
similar assessments of other regulants. No regulant shall be assessed a total
amount of more than $50 during any biennium.
			Notice to regulants of these assessments shall be by first-class mail, and
payment of such assessments shall be made by first-class mail addressed to the
Director within 45 days after the mailing of the notice to regulants.

C. If any regulant fails to remit the required assessment mailed in accordance
with subsection B within 45 days of such mailing, the Director shall notify such
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 of the regulant shall be automatically
suspended and shall be restored only upon the actual receipt by the Director of
the delinquent assessment.
			Interest earned on the deposits constituting the Fund shall be used for
administering the Fund. The remainder of this interest may be used for the
purposes of providing educational programs about the Uniform Statewide Building
Code (&#xA7; 36-97 et seq.), for providing education on subjects of benefit to
licensees or members of the public relating to contracting, or shall accrue to
the Fund.

HISTORY: 1980, c. 635, § 54-145.3:2; 1984, c. 270; 1987, c. 555; 1988, c. 765;
1990, cc. 3, 437, 911; 1992, c. 810; 1995, c. 771; 1996, c. 96; 1997, c. 885;
2025, cc. 127, 133.