§ 54.1-2354.1 — Definitions

Virginia § 54.1-2354.1

• Jurisdiction: Virginia
• Title 54.1: Professions and Occupations
• Subtitle II: Professions and Occupations Regulated by the Department of Professional and Occupational Regulation and Boards Within the Department
• Ch. 23.3: Common Interest Communities
• Art. 2: Common Interest Community Management Information Fund; Common Interest Community Ombudsman; Common Interest Community Management Recovery Fund

Text

As used in this article, unless the context requires a different meaning:

"Balance of the fund" means cash, securities that are legal investments for fiduciaries under the provisions of subdivisions A 1, 2, and 4 of § 2.2-4519, and repurchase agreements secured by obligations of the United States government or any agency thereof, and shall not mean accounts receivable, judgments, notes, accrued interest, or other obligations to the fund.

"Claimant" means, upon proper application to the Director, a receiver for a common interest community manager appointed pursuant to § 54.1-2353 in those cases in which there are not sufficient funds to restore all funds that were or ought to have been held in a fiduciary capacity by the subject common interest community manager or to pay an award of reasonable fees, costs, and expenses to the receiver.

"Director" means the Director of the Department of Professional and Occupational Regulation.

Legislative History

1993, c. 958; 2008, cc. 851, 871, § 55-528; 2019, c. 712.