Virginia Dealer Manual - Virginia Department of Motor Vehicles

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Virginia Dealer’s Manual October 1, 2009 considered a dealer bond for the purposes of § 46.2-1527.10. The bond shall come from a corporate surety licensed to do business in the Commonwealth and approved by the Attorney General and shall be filed with the Board. In those cases in which the nonprofit organization's surety shall be liable pursuant to § 46.2-1527.10, the maximum liability to one claimant against the surety by reason of a claim involving a single transaction shall be limited to $20,000, regardless of the amount of the claim by one claimant, and the aggregate liability of the nonprofit organization's surety to any and all persons for claims against a single dealer shall in no event exceed $100,000. In those cases in which the nonprofit organization's surety shall be liable pursuant to § 46.2-1527.10, the maximum liability to any and all persons, regardless of the number of claims made against the bond or the number of years the bond remains in force shall in no event exceed $1 million. The Board may, without holding a hearing, suspend the dealer's license during the period that the dealer does not have a sufficient bond on file. Dealers bonded under this article and those salespersons employed by such dealers shall be exempt from the Fund fees specified in § 46.2-1527.1. 8.1.10 Recovery on Bond, § 46.2-1527.10 With respect to a motor vehicle dealer electing continuous bonding under § 46.2-1527.9, whenever any person is awarded a final judgment in a court of competent jurisdiction in the Commonwealth against the dealer for (i) any loss or damage in connection with the purchase or lease of a motor vehicle by reason of fraud practiced on him or fraudulent representation made to him by the dealer or one of the dealer's salespersons acting within the scope of his employment, (ii) any loss or damage by reason of the violation by the dealer or salesperson of any provision of this chapter in connection with the purchase or lease of a motor vehicle, or (iii) any loss or damage resulting from a breach of an extended service contract, as defined in § 59.1-435, entered into on or after July 1, 2003, the judgment creditor shall have a claim against the dealer bond for such damages as may be awarded such person in final judgment and unpaid by the dealer, and may recover such unpaid damages up to but not exceeding the maximum liability of the surety as set forth in § 46.2-1527.9 from the surety who shall be subrogated to the rights of such person against the dealer or salesperson. The liability of such surety shall be limited to actual damages and attorneys' fees assessed against the dealer or salesperson as part of the underlying judgment but this section does not authorize the award of attorneys' fees in the underlying judgment. The liability of such surety shall not include any sums representing interest or punitive or exemplary damages assessed against the dealer or salesperson. The dealer's surety shall notify the Board when a claim is made against a dealer's bond, when a claim is paid, and when the bond is cancelled. Such notification shall include the amount of claim and the circumstances surrounding the claim. Notification of cancellation shall include the effective date and reason for cancellation. The bond may be cancelled as to future liability by the dealer's surety upon 30 days' notice to the Board. - 95 - Virginia Department of Motor Vehicles
Virginia Dealer’s Manual October 1, 2009 8.1.11 No Waiver by the Board of Disciplinary Action Against Licensee or Registrant, § 46.2-1527.11 Nothing contained in this article shall limit the authority of the Board to take disciplinary action against any licensee or registrant for any violation of this chapter or any regulation promulgated under this chapter. 8.2 DLR 801-CLAIMS & REVOCATION OF LICENSE 8.2.1 Motor Vehicle Transaction Recovery Fund (MVTRF) The MVTRF has been established to reimburse persons who have suffered loss or damage in connection with the purchase or sale of a motor vehicle due to illegal actions of licensed or registered motor vehicle dealers or salespersons. 8.2.2 Who is Eligible Any person who has been awarded a final judgment against a licensed or registered motor vehicle dealer or salesperson in a State or Federal Court in Virginia may file a claim with the Motor Vehicle Dealer Board requesting payment from the fund for any portion of such judgment which has not been satisfied. The judgment must be based on loss or damage resulting from fraud or fraudulent acts conducted in connection with the purchase or lease of a motor vehicle; or by reason of breach of an extended service contract entered on or after July 1, 1991. The dealer or salespersons must have been licensed or registered in Virginia during the period in which fraud occurred. 8.2.3 How to File a Claim A claim may be filed with MVDB no sooner than 30 days and no later than 12 months after the final judgment. A MVTRF Judgment Claim request Form DSD-37 must be accompanied by a certified copy of the final judgment written statement of facts and a copy of all supporting evidence. To obtain a form write or call MVDB, 2201 West Broad Street, Suite 104, Richmond, VA 23220, (804) 367-1100, ext. 3007 The claim will be reviewed to determine if it meets the requirements for payment from the fund. If the requirements have not been met, claimant will be notified in writing. If the requirements have been met, DMV will notify the dealer or salesperson named on the form that the judgment must be paid. If the judgment is not paid within 30 days of such notice, DMV will proceed to make payment from the fund. 8.2.4 Limitations A claim is limited to $20,000 involving a single transaction. Multiple claims involving the same dealer or salesperson are limited to a total of $100,000. The $100,000 will be divided among claimants who have filed claims against the same dealer or salespersons. - 96 - Virginia Department of Motor Vehicles
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Virginia Dealer Manual - Virginia Department of Motor Vehicles

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