46.2-2054 - Policies or surety bonds to be filed with the Department and securities with State Treasurer. - Virginia Statutes

§ 46.2-2054. Policies or surety bonds to be filed with the Department andsecurities with State Treasurer.

A. Each motor carrier shall keep on file with the Department proof of aninsurance policy or bond in accordance with this article. Record of thepolicy or bond shall remain in the files of the Department six months afterthe certificate, registration card, license plate, identification marker orpermit is canceled for any cause. If federal, state, or municipal bonds aredeposited with the State Treasurer in lieu of an insurance policy, the bondsshall remain deposited until six months after the registration card, licenseplate, certificate, permit or identification marker is canceled for any causeunless otherwise ordered by the Department.

B. The Department may, without holding a hearing, suspend a permit orcertificate if the permittee or certificate holder fails to comply with therequirements of this section.

(2001, c. 596.)