13.1-400.3 - Applications for licenses; fees; expiration and renewal; surety bond. - Virginia Statutes

§ 13.1-400.3. Applications for licenses; fees; expiration and renewal; suretybond.

A. Each applicant for a license shall furnish such evidence as the Commissionmay require that it is able to perform its contracts and that it is managedby persons of good character and reputation. Application for a license to dobusiness as an automobile club shall be made in writing in the formprescribed by the Commission and shall be accompanied by a nonrefundableapplication fee of $500. Upon the filing of an application and the payment ofthe application fee, the Commission shall make an investigation of theapplicant. The Commission shall issue a license, expiring on June 30immediately following the date of issuance, if it finds that (i) theapplication is in proper form and the required fee has been paid; (ii) thecorporation is a corporation in this Commonwealth or a foreign corporationthat has a certificate of authority to transact business in thisCommonwealth; and (iii) the applicant has obtained and agreed to maintain asurety bond in the amount of $30,000 conditioned to secure the performance ofits contracts. The application fee required by this subsection shall becollected by the Commission and paid directly into the state treasury andcredited to the "Bureau of Insurance Special Fund - State CorporationCommission" for the maintenance of the Bureau of Insurance as provided insubsection B of § 38.2-400.

B. Subject to the above requirements and the provisions of § 13.1-400.5, alicensed automobile club may renew its license effective July 1 of each year,upon the prior payment of a nonrefundable annual license fee of $200, unlessthe license has been surrendered, suspended or revoked. Automobile clublicenses renewed effective January 1, 1998, shall continue in effect untilJuly 1, 1999, unless the license is in the interim surrendered, suspended orrevoked. The renewal fee required by this subsection shall be collected bythe Commission and paid directly into the state treasury and credited to the"Bureau of Insurance Special Fund - State Corporation Commission" for themaintenance of the Bureau of Insurance as provided in subsection B of §38.2-400.

(Code 1950, § 46-548; 1956, Ex. Sess., c. 55; 1958, c. 244; 1998, c. 16;2001, c. 706.)