46.2-1527.7 - Revocation of license or certificate of registration on payment from the Fund. - Virginia Statutes

§ 46.2-1527.7. Revocation of license or certificate of registration onpayment from the Fund.

On payment by the Board to a claimant from the Fund as provided in thisarticle, the Board shall immediately notify the licensee or registrant inwriting of the Board's payment to the claimant and request full reimbursementbe made to the Board within thirty days of the notification. Failure toreimburse the Board in full within the specified period shall cause the Boardto immediately revoke the license or certificate of the dealer or the licenseof a salesperson whose fraud, fraudulent representation, or violation of thischapter resulted in this payment. Any person whose license or certificate isrevoked shall not be eligible to apply for a license or certificate as amotor vehicle dealer or a license as a salesperson until the person hasrepaid in full the amount paid from the Fund on his account, plus interest atthe rate of eight percent per year from the date of payment.

(1994, c. 478; 1995, cc. 767, 816.)