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1995 SESSION

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LD6235805
HOUSE BILL NO. 1761 Offered January 18, 1995 A BILL to amend and reenact §§ 54.1-811 and 55-79.84:1 of the Code of Virginia, relating to interest on cash bonds held by the Department of Professional and Occupational Regulation. ---------- Patrons--Cox, Reid and Ruff ---------- Referred to Committee on General Laws ----------

Be it enacted by the General Assembly of Virginia:

1. That §§ 54.1-811 and 55-79.84:1 of the Code of Virginia are amended and reenacted as follows:

§ 54.1-811. (Repealed effective January 1, 1995, through July 1, 1998) Bond required of licensee.

Before a permit or license is granted to conduct professional wrestling or boxing matches, the applicant shall execute a bond in such penalty as the Board may determine, with surety approved by the Board, conditioned for the payment of the taxes and penalties imposed by this chapter and for the fulfillment of contracts made with boxers and wrestlers in accordance with the regulations of the Board. The bond shall be filed with the Board. Interest earned on any cash bond held by the Board shall be credited to the Board.

§ 55-79.84:1. Bond to be posted by declarant.

A. The declarant of a condominium containing units which are required by this chapter to be registered with the Real Estate Board shall post a bond in favor of the unit owners' association with good and sufficient surety, in a sum equal to $1,000 per unit, except that such sum shall not be less than $10,000, nor more than $100,000. Such bond shall be filed with the Real Estate Board and shall be maintained for so long as the declarant owns more than ten percent of the units in the condominium or, if the declarant owns less than ten percent of the units in the condominium, until the declarant is current in the payment of assessments. However, the Board shall return a bond where the declarant owns one unit in a condominium containing less than ten units, provided such declarant is current in the payment of assessments. Interest earned on any cash bond held by the Board shall be credited to the Board.

B. No bond shall be accepted for filing unless it is with a surety company authorized to do business in the Commonwealth, or by such other surety as is satisfactory to the Board and such bond shall be conditioned upon the payment of all assessments levied against condominium units owned by the declarant. The Board may accept a letter of credit in lieu of the bond contemplated by this section.

The Board may promulgate reasonable regulations which govern the return of bonds submitted in accordance with this section.