Motor Vehicle Transaction Recovery Fund; increases maximum claim of one judgment creditor. (SB1372)
Introduced By
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Motor Vehicle Transaction Recovery Fund. Increases from $20,000 to $50,000 (i) the maximum claim of one judgment creditor against the Motor Vehicle Transaction Recovery Fund based on an unpaid final judgment arising out of loss or damage for certain claims and (ii) the maximum recovery on bonds. Read the Bill »
Status
02/03/2011: Failed to Pass in Committee
History
| Date | Action |
|---|---|
| 01/12/2011 | Presented and ordered printed 11102902D |
| 01/12/2011 | Referred to Committee on Transportation |
| 01/25/2011 | Impact statement from DPB (SB1372) |
| 02/03/2011 | Passed by indefinitely in Transportation with letter (15-Y 0-N) (see vote tally) |
| 02/03/2011 | Letter sent to Virginia Motor Vehicle Dealer Board |
Comments
This is a badly needed amendment to an important statute. For example, with most motor vehicles costing more that $20,000, and many dealerships going out of business, it would not be cost effective for a fraud victim to retain counsel to obtain the necessary judgment, yet be limited to only a $20,000 maximum recovery. Even with modest legal fees, the consumer would never be made whole.
If annual licensing fees (the source of funds) are being waived by the Motor Vehicle Dealer Board, this practice needs to immediately halted.