Current through Register Vol. XLI, No. 24, June 14, 2024
Section 91-6-14 - Dealer Recovery Fund14.1. The Dealer Recovery Fund Control Board shall consider only claims submitted for the purposes enumerated in W. Va. Code § 17A-6-2a (h). The Board will not consider claims for attorney fees, accrued interest, punitive damages or claims submitted by or on behalf of a person or financial institution that lends money or credit to a dealer and holds the dealer's inventory as collateral or payment of the loan or credit, commonly referred to as floor planners.14.2. Any dealer who is exempted from the surety bond requirement in accordance with W. Va. Code § 17A-6-2a(c)(1) who subsequently is subject to a claim, civil penalty, suspension or revocation shall, within 30 days of notice to the licensee from the Division, obtain a new surety bond and shall maintain the bond for a period of three licensing years before the dealer would qualify again for the exemption.