Anyone dealing with motor vehicle dealers in Virginia is going to be affected by this new legislation. The new law is named HB 1838 and caps the amount that can be reimbursed in a claim against a motor vehicle dealer’s bond; it’s now capped at $20,000. The previous law capped the amount to be recovered at the full amount of the bond, which is $50,000.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.