As used in this article, unless the context requires a different meaning:
"Balance of the fund" means cash, securities that are legal investments for fiduciaries under the provisions of subdivisions A 1, 2, and 4 of § 2.2-4519, and repurchase agreements secured by obligations of the United States government or any agency thereof, and shall not mean accounts receivable, judgments, notes, accrued interest, or other obligations to the fund.
"Claimant" means, upon proper application to the Director, a receiver for a common interest community manager appointed pursuant to § 54.1-2353 in those cases in which there are not sufficient funds to restore all funds that were or ought to have been held in a fiduciary capacity by the subject common interest community manager or to pay an award of reasonable fees, costs, and expenses to the receiver.
"Director" means the Director of the Department of Professional and Occupational Regulation.
1993, c. 958; 2008, cc. 851, 871, § 55-528; 2019, c. 712.
Structure Code of Virginia
Title 54.1 - Professions and Occupations
Chapter 23.3 - Common Interest Communities
§ 54.1-2346. License required; certification of employees; renewal; provisional license
§ 54.1-2347. Exceptions and exemptions generally
§ 54.1-2348. Common Interest Community Board; membership; meetings; quorum
§ 54.1-2349. Powers and duties of the Board
§ 54.1-2350. Annual report; form to accompany resale certificates and disclosure packets
§ 54.1-2351. General powers and duties of Board concerning associations
§ 54.1-2352. Cease and desist orders
§ 54.1-2354. Variation by agreement
§ 54.1-2354.2. Common Interest Community Management Information Fund
§ 54.1-2354.3. Common Interest Community Ombudsman; appointment; powers and duties
§ 54.1-2354.4. Association complaint procedures; final adverse decisions
§ 54.1-2354.5. Common Interest Community Management Recovery Fund