Section 12.64.325. Findings and conclusions.

	(a)  After consideration of a claim, the commission will make written findings and conclusions in accordance with the provisions of AS 08.88.465.  
	(b)  The claimant may not receive payment of a claim unless the commission finds that  
		(1) the clamant filed a claim that complies with 12 AAC 64.285 within the time limit provided under AS 08.88.460;  
		(2) the court judgment, arbitration award, or settlement agreement with a licensee submitted by the claimant is no longer subject to appeal and establishes that the clamant suffered a loss in the manner described in AS 08.88.460(a); and  
		(3) the clamant used due diligence to collect the amount due under the court judgment, arbitration award, or settlement agreement and that the amount due is uncollectable using reasonable efforts.  
	(c)  The commission will furnish a copy of its findings and conclusions to  
		(1) the claimant;  
		(2) the claimant's legal representative, if applicable;  
		(3) each licensee named in the claim;  
		(4) the licensee's legal representative, if applicable; and  
		(5) real estate broker supervising an involved licensee at the time the commission makes its written findings and conclusions, if applicable.  
	(d)  If interest is ordered to be paid on a claim of less than $15,000, the interest will be calculated from the date of loss until the date of payment of the claim. Total payment from the fund will not exceed $15,000 per transaction, whether principal or a combination of principal and interest.  
	(e)  When the commission awards payment of a claim from the real estate recovery fund, the following information will be added to the license file of each licensee named in the findings and conclusions as responsible for the loss:  
		(1) a copy of the findings and conclusions and the order adopted by the commission;  
		(2) proof of payment from the real estate recovery fund to the claimant.  
	(f)  If, as a result of the commission's findings and conclusions, the commission suspends a licensee's license, the commission will require proof of reimbursement of the real estate recovery fund by the licensee or an agreement between the licensee and the commission on the terms and conditions for reimbursing the real estate recovery fund under AS 08.88.071(b) before reinstating the license. The proof of reimbursement or agreement for reimbursement will be added to the licensee's license file.  

Authorities

08.88.071;08.88.081

Notes

Reference

12 AAC 64.280
12 AAC 64.990

Authority

AS 08.88.071 AS 08.88.081

History

Eff. 4/10/83, Register 86; am 7/3/94, Register 130; am 2/11/95, Register 133; am 8/31/2006, Register 179; am 5/31/2012, Register 202