The provisions of subdivisions 4, 6, 11, and 12 of subsection A of § 38.2-510 shall apply to each holder of a certificate or permit issued by and under the authority of the Department who, in lieu of filing an insurance policy, has deposited with the State Treasurer state, federal or municipal bonds or has filed an unconditional letter of credit issued by a bank. The failure of any such holder of a certificate or permit to comply with the provisions of § 38.2-510 shall be the cause for revocation or suspension of the certificate or permit.

Terms Used In Virginia Code 46.2-2056

  • Certificate: means a certificate of public convenience and necessity or a certificate of fitness. See Virginia Code 46.2-2000
  • Department: means the Department of Motor Vehicles. See Virginia Code 46.2-2000
  • Permit: means a permit issued by the Department to carriers operating as employee haulers or nonprofit/tax-exempt passenger carriers or to operators of taxicabs or other vehicles performing taxicab service under this chapter. See Virginia Code 46.2-2000
  • revocation: means that the document or privilege revoked is not subject to renewal or restoration except through reapplication after the expiration of the period of revocation. See Virginia Code 46.2-100
  • State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
  • suspension: means that the document or privilege suspended has been temporarily withdrawn, but may be reinstated following the period of suspension unless it has expired prior to the end of the period of suspension. See Virginia Code 46.2-100

2001, c. 596.

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