§ 46.2-1527.7 — Revocation of license or certificate of registration on payment from the Fund

Virginia § 46.2-1527.7

• Jurisdiction: Virginia
• Title 46.2: MOTOR VEHICLES
• Subtitle IV: DEALERS AND DRIVER TRAINING SCHOOLS
• Ch. 15: MOTOR VEHICLE DEALERS
• Art. 3.1: MOTOR VEHICLE TRANSACTION RECOVERY FUND

Text

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'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.

Legislative History

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