Virginia Code 54.1-1125: Assignment of claimant’s rights to Board; payment of claim.
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A. Subject to the provisions of § 54.1-1123 upon the claimant‘s execution and delivery to the Director of an assignment to the Board of his rights against the regulant, to the extent he received satisfaction from the Fund, the Director shall pay the claimant from the Fund the amount ordered by the Board.
Terms Used In Virginia Code 54.1-1125
- Board: means the Board for Contractors. See Virginia Code 54.1-1100
- Claimant: means any person with an unsatisfied judgment involving residential construction against a regulant, who has filed a verified claim under this Act. See Virginia Code 54.1-1118
- Director: means the Director of the Department of Professional and Occupational Regulation. See Virginia Code 54.1-1100
- Fund: means the Virginia Contractor Transaction Recovery Fund. See Virginia Code 54.1-1118
- Regulant: means any individual, person, firm, corporation, association, partnership, joint venture or any other legal entity licensed by the Board for Contractors. See Virginia Code 54.1-1118
B. The Board may consider any amount owed to the Board for repayment of the Fund by an applicant for a license under this chapter when determining whether to grant such license.
1980, c. 635, § 54-145.3:7; 1987, c. 555; 1988, c. 765; 1997, c. 885; 2013, c. 343.