54.1-1118 - Definitions. - Virginia Statutes

§ 54.1-1118. Definitions.

As used in this article, unless the context requires a different meaning:

"Act" means the Virginia Contractor Transaction Recovery Act.

"Biennium" means a two-year period beginning on July 1 of an even-numberedyear and continuing through June 30 of the next even-numbered year.

"Claimant" means any person with an unsatisfied judgment involvingresidential construction against a regulant, who has filed a verified claimunder this Act.

"Fund" means the Contractor Transaction Recovery Fund.

"Improper or dishonest conduct" includes only the wrongful taking orconversion of money, property or other things of value which involves fraud,material misrepresentation or conduct constituting gross negligence,continued incompetence, or intentional violation of the Uniform StatewideBuilding Code (§ 36-97 et seq.). The term "improper or dishonest conduct"does not include mere breach of contract.

"Judgment" includes an order of a United States Bankruptcy Court (i)declaring a claim against a regulant who is in bankruptcy to be a "DebtNondischargeable in Bankruptcy" or (ii) extinguishing a claim against aregulant who is in bankruptcy and for which claim no distribution was madefrom the regulant's bankruptcy estate but excluding any such claim disallowedby order of the bankruptcy court.

"Regulant" means any individual, person, firm, corporation, association,partnership, joint venture or any other legal entity licensed by the Boardfor Contractors. "Regulant" shall not include tradesmen or backflowprevention device workers licensed or certified in accordance with Article 3(§ 54.1-1128 et seq.) of this chapter.

(1980, c. 635, § 54-145.3:1; 1984, c. 270; 1987, c. 555; 1988, cc. 393, 765;1990, cc. 437, 911; 1994, c. 895; 1995, cc. 771, 784; 1996, cc. 934, 1006;1997, c. 885; 1999, c. 55.)