Virginia Code 36-85.31: Recovery fund to be established.
A. Each manufactured home manufacturer, dealer, broker and salesperson operating in the Commonwealth of Virginia shall be required to pay an initial assessment fee as set forth in subsection B to the Virginia Manufactured Housing Transaction Recovery Fund. Thereafter, assessment fees shall be assessed as necessary to achieve and maintain a minimum fund balance of $250,000.
Terms Used In Virginia Code 36-85.31
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the Virginia Manufactured Housing Board. See Virginia Code 36-85.16
- broker: means any person, partnership, association or corporation, resident or nonresident, who, for compensation or valuable consideration, sells or offers for sale, buys or offers to buy, negotiates the purchase or sale or exchange, or leases or offers to lease used manufactured homes that are owned by a party other than the broker. See Virginia Code 36-85.16
- dealer: means any person, resident or nonresident, engaged in the business of buying, selling or dealing in manufactured homes or offering or displaying manufactured homes for sale in Virginia. See Virginia Code 36-85.16
- Manufactured home: means a structure constructed to federal standards, transportable in one or more sections, which, in the traveling mode, is 8 feet or more in width and is 40 feet or more in length, or when erected on site, is 320 or more square feet, and which is built on a permanent chassis and designed to be used as a dwelling with or without a permanent foundation when connected to the required utilities, and includes the plumbing, heating, air conditioning, and electrical systems contained therein. See Virginia Code 36-85.16
- manufacturer: means any persons, resident or nonresident, who manufacture or assemble manufactured homes for sale in Virginia. See Virginia Code 36-85.16
- recovery fund: means the Virginia Manufactured Housing Transaction Recovery Fund. See Virginia Code 36-85.16
- salesperson: means any person who for compensation or valuable consideration is employed either directly or indirectly by, or affiliated as an independent contractor with, a manufactured home dealer, broker or manufacturer to sell or offer to sell, or to buy or offer to buy, or to negotiate the purchase, sale or exchange, or to lease or offer to lease new or used manufactured homes. See Virginia Code 36-85.16
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
B. Each applicant approved by the Board for a license as a manufactured home manufacturer, dealer, broker, or salesperson in accordance with the provisions of Article 1 (§ 36-85.16 et seq.) of this chapter shall pay into the fund the following assessment fees:
1. For a manufacturer — $4,000 for each separate manufacturing facility payable in one installment or $4,400 payable at $2,200 per year for two years.
2. For a dealer — $500 per retail location.
3. For a broker — $500 per sales office.
4. For a salesperson — $50 per individual.
C. All assessment fees collected under this article shall be deposited in the state treasury and the State Treasurer shall credit the amount paid into a special revenue fund from which appropriations may be utilized by the Board in accordance with the express purposes set forth in this article. The assets of the fund shall be invested in accordance with the advice of the State Treasurer. Interest earned on deposits constituting this fund shall accrue to the fund or may be used for the purposes of providing educational programs to the consumer about manufactured housing.