This law section outlines the process for claimants to assign their rights to the Virginia Motor Vehicle Board for payment from the Fund after an unpaid judgment. It also details the consequences for licensees or registrants who fail to reimburse the Fund, including license revocation and disqualification until full repayment with interest. Additionally, it affirms the Board's authority to take disciplinary actions independently of the claims process.
The claimant must assign their rights to the Board, which then pays the unpaid judgment. The claimant cannot pursue further claims against the licensee for that amount.
The licensee must fully reimburse the Board within 30 days of notification, including interest at 8% per year. Failure to do so results in license revocation.
Yes, the Board retains authority to discipline licensees for violations of the law or regulations, regardless of claim-related issues.
No, they must fully repay the Fund with interest before being eligible to reapply for a license or certificate.