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VA HB1386
VA HB1386Motor Vehicle Transaction Recovery Fund; recovery for breach of extended service contracts.
summary
Introduced
01/21/2026
01/21/2026
In Committee
02/26/2026
02/26/2026
Crossed Over
02/16/2026
02/16/2026
Passed
Dead
Introduced Session
Potential new amendment
2026 Regular Regular Session
Bill Summary
Motor Vehicle Transaction Recovery Fund; recovery for breach of extended service contracts. Authorizes any person who is awarded a final judgment in a court of competent jurisdiction in the Commonwealth for any loss or damage resulting from a breach of an extended service contract for a motor vehicle by a licensed or registered motor vehicle dealer participating in the Motor Vehicle Transaction Recovery Fund to recover the unpaid amount on the judgement from the Motor Vehicle Transaction Recovery Fund, subject to certain limitations.
AI Summary
This bill amends existing law to allow individuals who have obtained a final court judgment for losses stemming from a breach of an extended service contract for a motor vehicle to seek compensation from the Motor Vehicle Transaction Recovery Fund, which is a state-administered fund designed to protect consumers. Previously, this fund primarily covered losses due to fraud or violations of motor vehicle dealer laws, but this change expands its scope to include damages from faulty extended service contracts, provided certain conditions and limitations are met, such as filing the claim within a specific timeframe and potentially providing detailed documentation for attorney fees.
Committee Categories
Budget and Finance, Transportation and Infrastructure
Sponsors (2)
Last Action
Reported from Transportation and rereferred to Finance and Appropriations (14-Y 0-N) (on 02/26/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://lis.virginia.gov/bill-details/20261/HB1386 |
| Fiscal Note/Analysis - Fiscal Impact Statement from Department of Planning and Budget (HB1386) | https://lis.blob.core.windows.net/files/1169083.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/HB1386/text/HB1386E |
| Transportation Amendment | https://lis.virginia.gov/bill-details/20261/HB1386/text/HB1386AH1 |
| Transportation Amendment | https://lis.virginia.gov/bill-details/20261/HB1386/text/HB1386AHC1 |
| Department of Motor Vehicles Subcommittee Amendment | https://lis.virginia.gov/bill-details/20261/HB1386/text/HB1386AHC2 |
| Fiscal Note/Analysis - Fiscal Impact Statement from Department of Planning and Budget (HB1386) | https://lis.blob.core.windows.net/files/1115884.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/HB1386/text/HB1386 |
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