The Virginia Title 46.2-1527.1 establishes the Motor Vehicle Transaction Recovery Fund, which is funded by fees from dealers and salespersons. The fund is used to pay valid claims against motor vehicle dealers and salespersons, ensuring consumer protection. The law also details how the fund is managed, including assessments and administrative expenses.
The fund is designed to pay valid claims against motor vehicle dealers and salespersons when they fail to fulfill their obligations, protecting consumers.
It is funded through fees paid by motor vehicle dealers and salespersons, including an annual $100 fee for dealers and a $10 fee for salespersons, with possible assessments on dealers.
The Virginia Motor Vehicle Board manages the fund, maintaining records, overseeing claims, and levying assessments as needed.
No, the fund is a special fund in the state treasury dedicated solely to paying claims and administrative costs related to the fund.