Code of Virginia
Chapter 11 - Contractors
§ 54.1-1123. Limitations upon recovery from Fund; certain actions not a bar to recovery

A. The maximum claim of one claimant against the Fund based upon an unpaid judgment arising out of the improper or dishonest conduct of one regulant in connection with a single transaction involving contracting is limited to $20,000, including any amount paid from a contractor's surety bond under § 54.1-1120.1, regardless of the amount of the unpaid judgment of the claimant.
B. The aggregate of claims against the Fund based upon unpaid judgments arising out of the improper or dishonest conduct of any one regulant involving contracting, is limited by the Board to $40,000 during any biennium. If a claim has been made against the Fund, and the Board has reason to believe there may be additional claims against the Fund from other transactions involving the same regulant, the Board may withhold any payment(s) from the Fund involving such regulant for a period of not more than one year from the date on which the claimant is awarded in a court of competent jurisdiction in the Commonwealth the final judgment on which his claim against the Fund is based. After this one-year period, if the aggregate of claims against the regulant exceeds $40,000, during a biennium, $40,000 shall be prorated by the Board among the claimants and paid from the Fund, less the amount of any applicable contractor's bond, in proportion to the amounts of their judgments against the regulant remaining unpaid. Claims shall be prorated only after any applicable contractor's bond has been exhausted.
C. Excluded from the amount of any unpaid judgment upon which a claim against the Fund is based shall be any sums representing interest, or punitive damages, or any amounts that do not constitute actual monetary loss to the claimants. Such claim against the Fund may include court costs and attorney fees.
D. If, at any time, the amount of the Fund is insufficient to fully satisfy any claims or claim filed with the Board and authorized by this Act, the Board shall pay such claims, claim, or portion thereof to the claimants in the order that the claims were filed with the Board.
E. Failure of a claimant to comply with the provisions of subdivisions B 1 and 2 and subsection C of § 54.1-1120 and the provisions of § 54.1-1124 shall not be a bar to recovery under this Act if the claimant is otherwise entitled to such recovery.
F. The Board shall have the authority to deny any claim which otherwise appears to meet the requirements of the Act if it finds by clear and convincing evidence that the claimant has presented false information or engaged in collusion to circumvent any of the requirements of the Act.
1980, c. 635, § 54-145.3:5; 1984, c. 270; 1987, cc. 555, 562; 1988, c. 765; 1990, cc. 437, 911; 1997, c. 885; 1999, c. 262; 2005, c. 252; 2015, cc. 409, 710; 2017, c. 572.

Structure Code of Virginia

Code of Virginia

Title 54.1 - Professions and Occupations

Chapter 11 - Contractors

§ 54.1-1100. Definitions

§ 54.1-1101. Exemptions; failure to obtain certificate of occupancy; penalties

§ 54.1-1102. Board for Contractors membership; offices; meetings; seal; record

§ 54.1-1103. Necessity for license; requirements for water well drillers and landscape irrigation contractors; exemption

§ 54.1-1104. Register of applicants

§ 54.1-1105. Repealed

§ 54.1-1106. Application for Class A license; fees; examination; issuance

§ 54.1-1106.1. Violations of certain State Board of Health regulations; penalty

§ 54.1-1106.2. Additional monetary penalty for certain violations

§ 54.1-1107. Repealed

§ 54.1-1108. Application for Class B license; fees; examination; issuance

§ 54.1-1108.1. Waiver of examination; designated employee; Board regulations

§ 54.1-1108.2. Application for Class C license; fees; issuance

§ 54.1-1109. Expiration and renewal of license or certificate

§ 54.1-1110. Grounds for denial or revocation of license or certificate

§ 54.1-1110.1. Re-examination of designated employee

§ 54.1-1111. Prerequisites to obtaining business license; building, etc., permit

§ 54.1-1112. Invitations to bid and specifications to refer to law

§ 54.1-1113. Nonresident bidders to appoint statutory agent for service of process

§ 54.1-1114. Filing and hearing of charges

§ 54.1-1115. Prohibited acts

§ 54.1-1115.01. Responsibility for contracting with persons lacking the proper credential

§ 54.1-1115.1. Evidence of violation of the Virginia Uniform Statewide Building Code

§ 54.1-1116. Repealed

§ 54.1-1117. Licensing of certain contractors by localities; qualifications and procedure; registration of certain persons engaged in business of home improvement; civil penalty

§ 54.1-1118. Definitions

§ 54.1-1119. Assessments by Director; assignment to Fund; minimum balance; notice; penalties; costs of administration

§ 54.1-1120. Recovery from Fund generally

§ 54.1-1120.1. Recovery on bond

§ 54.1-1121. Investigations

§ 54.1-1122. Consideration of applications for payment

§ 54.1-1123. Limitations upon recovery from Fund; certain actions not a bar to recovery

§ 54.1-1124. Participation by Board or Director in proceeding

§ 54.1-1125. Assignment of claimant's rights to Board; payment of claim

§ 54.1-1126. Repealed

§ 54.1-1127. No waiver by Board of disciplinary action against regulant

§ 54.1-1128. Definitions

§ 54.1-1129. Necessity for licensure

§ 54.1-1129.1. Certification of water well systems providers; continuing education

§ 54.1-1130. Application for licensure; fees; examinations; issuance; waiver of examination for water well systems providers

§ 54.1-1131. Exemptions

§ 54.1-1132. Expiration and renewal of license or certificate

§ 54.1-1133. Continuing education

§ 54.1-1134. Grounds for denial or revocation of certification or license; reports of building officials and others

§ 54.1-1135. Prohibited acts

§ 54.1-1140. Definitions

§ 54.1-1141. Certification required; exemption

§ 54.1-1142. Issuance of certification; emergency certification

§ 54.1-1142.1. Certifications in event of declared emergency

§ 54.1-1142.2. Certifications in event of shortage of elevator mechanics

§ 54.1-1143. Continuing education

§ 54.1-1144. Definitions

§ 54.1-1145. License required

§ 54.1-1146. Additional powers of the Board

§ 54.1-1147. Certified automatic fire sprinkler inspector

§ 54.1-1148. Continuing education