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1998 SESSION

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CHAPTER 393 An Act to amend the Code of Virginia by adding a section numbered 46.2-1508.1, relating to motor vehicle dealers. [S 336] Approved April 12, 1998

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 46.2-1508.1 as follows:

§ 46.2-1508.1. Licensure of certain nonprofit organizations.

Any nonprofit organization exempt from taxation under § 501 (c) (3) of the Internal Revenue Code that (i) receives title to motor vehicles as qualified charitable gifts to the organization, (ii) provides no more than twelve of these donated vehicles in any twelve-month period to low-income persons, as defined in § 2.1-588, in need of transportation, and (iii) receives from the recipients of the vehicles only reimbursement for the costs of repairs, towing, titles, taxes, license fees and inspection fees shall be required to obtain a dealer's license. However, such nonprofit organization shall be exempt from the requirements of § 46.2-1510, Article 3.1 (§ 46.2-1527.1 et seq.) of Chapter 15 of this title, § 46.2-1533, and § 46.2-1534. Transactions of such nonprofit organization shall not be subject to recovery from the Motor Vehicle Transaction Recovery Fund.