Virginia law § 46.2-1527.5 limits the amount that can be recovered from the Motor Vehicle Fund for unpaid final judgments related to dealer transactions, capping individual claims at $25,000 annually, adjusted for inflation. The law also sets aggregate limits for multiple claims involving the same dealer and outlines procedures for handling claims and additional potential claims against the Fund.
The maximum claim per judgment creditor is $25,000 annually, including any amount paid from the dealer's surety bond, subject to annual inflation adjustments.
Yes, but the total aggregate of claims involving the same dealer is limited to four times the amount available for a single claim, with specific rules for multiple transactions.
The claim limit increases annually on January 1 by the percentage increase in the Consumer Price Index for used motor vehicles, if any; if the index decreases, the limit remains unchanged.
The Board may investigate and consider additional claims if there is reason to believe more claims exist from other transactions involving the same dealer, potentially affecting the total available funds.