Contractors assessed a fee to support the Transaction Recovery Fund must pay this fee within how many days from the assessment notice?

The correct answer is that contractors assessed a fee to support the Transaction Recovery Fund must pay this fee within 45 days from the assessment notice. This timeline is established to ensure prompt funding for the Transaction Recovery Fund, which is designed to protect consumers by providing a source of compensation when a contractor fails to fulfill their contractual obligations.

The 45-day requirement allows for a balance between giving contractors adequate time to respond and the necessity for the fund to be maintained with sufficient resources. This regulation helps uphold the integrity of the contracting process in Virginia, ensuring that those licensed to operate are compliant and that consumer protections remain effective. Such a timeframe also ensures that funds are collected in a timely manner to facilitate necessary payouts to affected consumers.