2010 Maryland Code
BUSINESS OCCUPATIONS AND PROFESSIONS
TITLE 17 - REAL ESTATE BROKERS
Subtitle 4 - Real Estate Guaranty Fund
Section 17-410 - Payments by Guaranty Fund.
§ 17-410. Payments by Guaranty Fund.
(a) In general.- 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.
(b) Limitations on payments.-
(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 $25,000.
(c) Disbursements by Guaranty Fund.- 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.
(d) Order of payment.- The Commission shall order payment of each claim due in the order in which the claim was awarded.
(e) Delayed payment.- 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%.
[An. Code 1957, art. 56A, § 4-410; 1989, ch. 3, § 1; 1994, ch. 3, § 13.]
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