499#1c (MVDB) Motor Vehicle Transaction Fund. HB1400 - Conference Report

State Budget

2003 Session

Budget Amendments - HB1400 (Conference Report)

Bill Order » Item 499 #1c

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Motor Vehicle Transaction Fund (language only)

Item 499 #1c

Item 499 #1c
Transportation
Motor Vehicle Dealer Board

Language
Page 464, strike lines 30 through 36.

Explanation
(This amendment strikes language in the introduced budget bill which would have eliminated the Motor Vehicle Transaction Recovery Fund. A companion amendment restores $200,000 the first year to the Fund to carry out the Fund's purposes in accordance with House Bill 2604 (2003 Session).)

Item 499

Item 499	First Year - FY2003	Second Year - FY2004
Regulation of Professions and Occupations (56000)	~~$1,675,181~~ $1,350,468	~~$1,675,181~~ $1,333,366
Motor Vehicle Dealer and Salesman Regulation (56023)	FY2003 ~~$1,675,181~~ $1,350,468	FY2004 ~~$1,675,181~~ $1,333,366
Fund Sources:
Special	FY2003 ~~$1,675,181~~ $1,350,468	FY2004 ~~$1,675,181~~ $1,333,366

Authority: Title 46.2, Chapter 15, Code of Virginia.

Notwithstanding any provisions set forth in § 46.2-1527.1, Code of Virginia, no dealer shall be required to pay into the Motor Vehicle Transaction Recovery Fund. The Motor Vehicle Dealer Board shall develop requirements for dealers to obtain bonds to cover judgments previously paid for out of the Motor Vehicle Transaction Recovery Fund.