Any person who suffers any loss or damage by any act of a regulant thatconstitutes a violation of this chapter shall have the right to institute anaction to recover from the recovery fund.
Upon a finding by the Board that a violation has occurred, the Board shalldirect the responsible manufacturer, dealer, broker, or salesperson to paythe awarded amount to the claimant. If such amount is not paid within thirtydays following receipt of the written decision of the Board and no appeal hasbeen filed in court, the Board shall, upon request of the claimant, pay fromthe recovery fund the amount of the award to the claimant provided that:
1. The maximum claim of one claimant against the fund because of a single ormultiple violations by one or more regulants shall be limited to $40,000;
2. The fund balance is sufficient to pay the award;
3. The claimant has assigned the Board all rights and claims against theregulant; and
4. The claimant agrees to subrogate to the Board all rights of the claimantto the extent of payment.
The aggregate of claims against the fund for violations by any one regulantshall be limited by the Board to $75,000 per manufacturer, $35,000 perdealer, $35,000 per broker, and $25,000 per salesperson during any licenseperiod. If a claim has been made against the fund, and the Board has reasonto believe there may be additional claims against the fund from othertransactions involving the same regulant, the Board may withhold any paymentsfrom the fund involving such regulant for a period of not more than one yearfrom the date on which the claimant is approved by the Board for an awardfrom the fund. After this one-year period, if the aggregate of claims againstthe regulant exceeds the above limitations, said amount shall be prorated bythe Board among the claimants and paid from the fund in proportion to theamounts of their awards remaining unpaid.
The amount of damages awarded by the Board shall be limited to actual,compensatory damages and shall not include attorney's fees for representationbefore the Board.
(1991, c. 555; 1992, c. 223; 1994, c. 671; 2009, cc. 141, 579.)
Any person who suffers any loss or damage by any act of a regulant thatconstitutes a violation of this chapter shall have the right to institute anaction to recover from the recovery fund.
Upon a finding by the Board that a violation has occurred, the Board shalldirect the responsible manufacturer, dealer, broker, or salesperson to paythe awarded amount to the claimant. If such amount is not paid within thirtydays following receipt of the written decision of the Board and no appeal hasbeen filed in court, the Board shall, upon request of the claimant, pay fromthe recovery fund the amount of the award to the claimant provided that:
1. The maximum claim of one claimant against the fund because of a single ormultiple violations by one or more regulants shall be limited to $40,000;
2. The fund balance is sufficient to pay the award;
3. The claimant has assigned the Board all rights and claims against theregulant; and
4. The claimant agrees to subrogate to the Board all rights of the claimantto the extent of payment.
The aggregate of claims against the fund for violations by any one regulantshall be limited by the Board to $75,000 per manufacturer, $35,000 perdealer, $35,000 per broker, and $25,000 per salesperson during any licenseperiod. If a claim has been made against the fund, and the Board has reasonto believe there may be additional claims against the fund from othertransactions involving the same regulant, the Board may withhold any paymentsfrom the fund involving such regulant for a period of not more than one yearfrom the date on which the claimant is approved by the Board for an awardfrom the fund. After this one-year period, if the aggregate of claims againstthe regulant exceeds the above limitations, said amount shall be prorated bythe Board among the claimants and paid from the fund in proportion to theamounts of their awards remaining unpaid.
The amount of damages awarded by the Board shall be limited to actual,compensatory damages and shall not include attorney's fees for representationbefore the Board.
(1991, c. 555; 1992, c. 223; 1994, c. 671; 2009, cc. 141, 579.)
Any person who suffers any loss or damage by any act of a regulant thatconstitutes a violation of this chapter shall have the right to institute anaction to recover from the recovery fund.
Upon a finding by the Board that a violation has occurred, the Board shalldirect the responsible manufacturer, dealer, broker, or salesperson to paythe awarded amount to the claimant. If such amount is not paid within thirtydays following receipt of the written decision of the Board and no appeal hasbeen filed in court, the Board shall, upon request of the claimant, pay fromthe recovery fund the amount of the award to the claimant provided that:
1. The maximum claim of one claimant against the fund because of a single ormultiple violations by one or more regulants shall be limited to $40,000;
2. The fund balance is sufficient to pay the award;
3. The claimant has assigned the Board all rights and claims against theregulant; and
4. The claimant agrees to subrogate to the Board all rights of the claimantto the extent of payment.
The aggregate of claims against the fund for violations by any one regulantshall be limited by the Board to $75,000 per manufacturer, $35,000 perdealer, $35,000 per broker, and $25,000 per salesperson during any licenseperiod. If a claim has been made against the fund, and the Board has reasonto believe there may be additional claims against the fund from othertransactions involving the same regulant, the Board may withhold any paymentsfrom the fund involving such regulant for a period of not more than one yearfrom the date on which the claimant is approved by the Board for an awardfrom the fund. After this one-year period, if the aggregate of claims againstthe regulant exceeds the above limitations, said amount shall be prorated bythe Board among the claimants and paid from the fund in proportion to theamounts of their awards remaining unpaid.
The amount of damages awarded by the Board shall be limited to actual,compensatory damages and shall not include attorney's fees for representationbefore the Board.
(1991, c. 555; 1992, c. 223; 1994, c. 671; 2009, cc. 141, 579.)
