Section 08.88.475. Maximum liability.

Latest version.

   (a) The maximum liability of the real estate recovery fund may not exceed $50,000 for any one real estate licensee.
   (b) If the $50,000 liability of the fund as provided in (a) of this section is insufficient to pay in full the valid claims of all persons who have obtained a final judgment, final arbitration award, or settlement agreement involving an individual licensee and have filed claims for an award from the recovery fund, the $50,000 shall be distributed among the claimants in the ratio that their individual claims bear to the aggregate of valid claims, or in another manner that the commission considers equitable. Distribution shall be among the persons entitled to share in the recovery without regard to the order in which their claims were filed.

Notes

History

(Sec. 1 ch 143 SLA 1974; am Sec. 11 ch 59 SLA 1982; am Sec. 45 ch 45 SLA 1998; am Sec. 19 ch 113 SLA 2008)

                    
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