Sec. 06.60.710. Maximum liability.

154 words·~1 min read·/ak/title-6/chapter-60/06-60-710

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(a)Payment of a fund claim may not exceed $15,000 for each claimant and $15,000 for each mortgage loan transaction regardless of the number of persons injured or the number of pieces of residential property involved in the mortgage loan transaction.

(b)The maximum liability for fund claims against one mortgage loan originator licensee may not exceed $50,000.

(c)If the $50,000 liability limit under

(b)of this section is insufficient to pay in full the valid fund claims of all persons who have filed fund claims against one mortgage loan originator licensee, the $50,000 shall be distributed among the claimants in the ratio that their individual fund claims bear to the aggregate of valid fund claims against that mortgage loan originator licensee. The department shall distribute the money among the persons entitled to share in the recovery without regard to the order in which their fund claims were filed.