§ 3.1-722.19. (Repealed effective October 1, 2008) License fee; bond or irrevocable letter of credit required; ex...
All applications shall be accompanied by a license fee of $40, $10 for each branch location and agent, and a good and sufficient bond in the minimum sum of $2,000 or in such greater amount as is equal to the maximum amount of gross business done in any month in the Commonwealth of Virginia during the preceding year by the applicant, but in no event shall the amount of bond required exceed $40,000. An irrevocable letter of credit for the full amount of required bond may be submitted in lieu of a surety bond under this article. "Cash buyers" upon written request showing proof satisfactory to the Commissioner that the person is a "cash buyer" under this article shall be exempted from bonding or irrevocable letter of credit requirements hereunder. The exemption shall be granted within twenty days of the receipt of the exemption request unless the Commissioner requests the dealer to provide additional necessary information or unless the request is denied.
(1972, c. 296; 1982, c. 187.)
Sections: Previous 3.1-722.12 3.1-722.13 3.1-722.14 3.1-722.15 3.1-722.16 3.1-722.17 3.1-722.18 3.1-722.19 3.1-722.20 3.1-722.20:1 3.1-722.21 3.1-722.22 3.1-722.23 3.1-722.24 3.1-722.25 NextLast modified: April 2, 2009