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§ 17-410. Payment of claim by Guaranty Fund

West's Annotated Code of MarylandBusiness Occupations and ProfessionsEffective: April 9, 2013

West's Annotated Code of Maryland
Business Occupations and Professions
Title 17. Real Estate Brokers (Refs & Annos)
Subtitle 4. Real Estate Guaranty Fund (Refs & Annos)
Effective: April 9, 2013
MD Code, Business Occupations & Professions, § 17-410
§ 17-410. Payment of claim by Guaranty Fund
Currentness
Grounds for payment
(a) The Commission shall order payment of a claim by the Guaranty Fund if, on the hearing, the claimant:
(1) proves that the claimant has a valid claim under this subtitle; and
(2) presents evidence, satisfactory to the Commission, that the claimant is not:
(i) the spouse of the licensee or the unlicensed employee alleged to be responsible for the act or omission giving rise to the claim; or
(ii) the personal representative of the spouse of the licensee or the unlicensed employee alleged to be responsible for the act or omission giving rise to the claim.
Payment for actual monetary loss
(b)(1) The Commission may order payment by the Guaranty Fund only for the actual monetary loss suffered by the claimant as a result of the claim proven by the claimant.
(2) For any claim, the Commission may not order a payment by the Guaranty Fund of more than $50,000.
Time for payment
(c) A payment may not be made by the Guaranty Fund under an order of the Commission until:
(1) the expiration of the time provided under Title 10, Subtitle 2 of the State Government Article for seeking judicial review of the Commission's order; or
(2) the expiration of any judicial stay of the order of the Commission.
Order of payments
(d) The Commission shall order payment of each claim due in the order in which the claim was awarded.
Insufficient moneys in Fund
(e) If, at the time a payment is due, the money in the Guaranty Fund is insufficient to satisfy fully the order for payment, the Commission:
(1) immediately shall pay to the claimant the amount that is available in the Guaranty Fund; and
(2) when sufficient funds are available in the Guaranty Fund, shall pay the claimant:
(i) the balance due on the order; plus
(ii) interest calculated on that balance at an annual rate of 10%.

Credits

Added by Acts 1989, c. 3, § 1, eff. Oct. 1, 1989. Renumbered from Business Occupations and Professions § 16-410 by Acts 1994, c. 3, § 13, eff. Feb. 28, 1994. Amended by Acts 2013, c. 43, § 1, eff. April 9, 2013.
Formerly Art. 56A, § 4-410.
MD Code, Business Occupations & Professions, § 17-410, MD BUS OCCUP & PROF § 17-410
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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