SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2009 SESSION

  • | print version

SB 1459 Manufactured Housing Licensing and Transaction Recovery Fund Law; raises maximum claim amount.

Introduced by: Phillip P. Puckett | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Manufactured Housing Licensing and Transaction Recovery Fund Law.  Limits to $4,000 the amount of actual damages that a manufactured home dealer may retain when a buyer fails to accept delivery of a manufactured home that is larger than a single section unit and in the manufactured home dealer's stock. The bill also raises the limit of actual damages from $5,000 to $7,000 when a buyer fails to accept delivery of a manufactured home that is larger than a single section unit and is specially ordered for the buyer. In addition, the bill raises the maximum claim amount of a single claimant against the Manufactured Housing Transaction Recovery Fund for single or multiple violations by one or more regulants from $20,000 to $40,000, and raises the minimum balance of the Fund from $250,000 to $300,000. The bill also (i) authorizes interest earned on the Fund to be used for education programs for a wider range of individuals and to pay department staff expenses for conducting investigations, and (ii) authorizes the Manufactured Housing Board to use up to five percent of the balance of the Fund in any fiscal year for educational purposes and to pay investigation expenses. The provisions of the bill amending § 36-85.31 will expire on July 1, 2011.

SUMMARY AS INTRODUCED:

Manufactured Housing Licensing and Transaction Recovery Fund Law. Raises the maximum claim amount of a single claimant against the Manufactured Housing Recovery Fund for single or multiple violations by one or more regulants from $20,000 to $40,000, and raises the minimum balance of the Fund from $250,000 to $500,000. The bill also (i) authorizes interest earned on the Fund to be used for education programs for a wider range of individuals and to pay department staff expenses for conducting investigations, and (ii) authorizes the Manufactured Housing Board to use up to five percent of the balance of the Fund in any fiscal year for educational purposes and to pay investigation expenses. Under the bill, the provisions raising the minimum fund balance and authorizing the use of the Fund balance and interest on educational programs and to pay investigative cost will expire on July 1, 2012.