Manufactured Housing Licensing and Transaction Recovery Fund Law; limits amount of actual damages . (HB2569)

Introduced By

Del. Jim Scott (D-Merrifield)

Description

Manufactured Housing Licensing and Transaction Recovery Fund Law. Limits to $4,000 the amount of actual damages that a manufactured home dealer may retain when a buyer fails to accept delivery of a manufactured home that is larger than a single section unit and in the manufactured home dealer's stock. The bill also raises the limit of actual damages from $5,000 to $7,000 when a buyer fails to accept delivery of a manufactured home that is larger than a single section unit and is special ordered for the buyer. The bill also (i) raises the maximum claim amount of a single claimant against the Manufactured Housing Recovery Fund for single or multiple violations by one or more regulants from $20,000 to $40,000, (ii) raises the minimum balance of the Fund from $250,000 to $500,000, (iii) authorizes interest earned on the Fund to be used for education programs for a wider range of individuals and to pay department staff expenses for conducting investigations, and (iv) authorizes the Manufactured Housing Board to use up to five percent of the balance of the Fund in any fiscal year for educational purposes and to pay investigation expenses. Under the bill, the provisions raising the minimum fund balance and authorizing the use of the Fund balance and interest on educational programs and to pay investigative cost will expire on July 1, 2012. Read the Bill »

Outcome

History