Virginia Code 54.1-1118: Definitions
As used in this article, unless the context requires a different meaning:
Terms Used In Virginia Code 54.1-1118
- Act: means the Virginia Contractor Transaction Recovery Act. See Virginia Code 54.1-1118
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Board: means the Board for Contractors. See Virginia Code 54.1-1100
- Claimant: means any person with an unsatisfied judgment involving residential construction against a regulant, who has filed a verified claim under this Act. See Virginia Code 54.1-1118
- Contract: A legal written agreement that becomes binding when signed.
- Contractor: means any person, that for a fixed price, commission, fee, or percentage undertakes to bid upon, or accepts, or offers to accept, orders or contracts for performing, managing, or superintending in whole or in part, the construction, removal, repair or improvement of any building or structure permanently annexed to real property owned, controlled, or leased by him or another person or any other improvements to such real property. See Virginia Code 54.1-1100
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: means the Department of Professional and Occupational Regulation. See Virginia Code 54.1-1100
- Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
- Fraud: Intentional deception resulting in injury to another.
- Fund: means the Virginia Contractor Transaction Recovery Fund. See Virginia Code 54.1-1118
- Includes: means includes, but not limited to. See Virginia Code 1-218
- Judgment: includes an order of a United States Bankruptcy Court (i) declaring a claim against a regulant who is in bankruptcy to be a "Debt Nondischargeable in Bankruptcy" (ii) extinguishing a claim against a regulant who is in bankruptcy and for which claim no distribution was made from the regulant's bankruptcy estate but excluding any such claim disallowed by order of the bankruptcy court, or (iii) extinguishing a claim against a regulant who is in bankruptcy and for which claim only partial distribution was made from the regulant's bankruptcy estate. See Virginia Code 54.1-1118
- Notary: means notary public. See Virginia Code 1-226
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means any individual, firm, corporation, association, partnership, joint venture, or other legal entity. See Virginia Code 54.1-1100
- Regulant: means any individual, person, firm, corporation, association, partnership, joint venture or any other legal entity licensed by the Board for Contractors. See Virginia Code 54.1-1118
- United States: includes 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 1-255
- Value: means fair market value. See Virginia Code 54.1-1100
- Verified claim: means a completed application, on a form designed by the Board, the truthfulness of which has been attested to by the claimant before a notary public, along with all required supporting documentation, that has been properly received by the Department in accordance with this chapter. See Virginia Code 54.1-1118
“Act” means the Virginia Contractor Transaction Recovery Act.
“Biennium” means a two-year period beginning on July 1 of an even-numbered year and continuing through June 30 of the next even-numbered year.
“Claimant” means any person with an unsatisfied judgment involving residential construction against a regulant, who has filed a verified claim under this Act.
“Fund” means the Virginia Contractor Transaction Recovery Fund.
“Improper or dishonest conduct” includes only the wrongful taking or conversion of money, property or other things of value which involves fraud, material misrepresentation or conduct constituting gross negligence, continued incompetence, or intentional violation of the Uniform Statewide Building Code (§ 36-97 et seq.). The term “improper or dishonest conduct” does not include mere breach of contract.
“Judgment” includes an order of a United States Bankruptcy Court (i) declaring a claim against a regulant who is in bankruptcy to be a “Debt Nondischargeable in Bankruptcy,” (ii) extinguishing a claim against a regulant who is in bankruptcy and for which claim no distribution was made from the regulant’s bankruptcy estate but excluding any such claim disallowed by order of the bankruptcy court, or (iii) extinguishing a claim against a regulant who is in bankruptcy and for which claim only partial distribution was made from the regulant’s bankruptcy estate. An order of dismissal shall not be considered a judgment.
“Regulant” means any individual, person, firm, corporation, association, partnership, joint venture or any other legal entity licensed by the Board for Contractors. “Regulant” shall not include contractors holding only the commercial building contractor classification or individuals licensed or certified in accordance with Article 3 (§ 54.1-1128 et seq.) or Article 4 (§ 54.1-1140 et seq.).
“Verified claim” means a completed application, on a form designed by the Board, the truthfulness of which has been attested to by the claimant before a notary public, along with all required supporting documentation, that has been properly received by the Department in accordance with this chapter.
1980, c. 635, § 54-145.3:1; 1984, c. 270; 1987, c. 555; 1988, cc. 393, 765; 1990, cc. 437, 911; 1994, c. 895; 1995, cc. 771, 784; 1996, cc. 934, 1006; 1997, c. 885; 1999, c. 55; 2013, c. 343; 2015, c. 409.