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In the event of multiple valid pending claims against a license
holder in excess of the limitations in §1101.610 of the Act,
the claims shall be prorated as follows:
(1)Actual damages shall be allocated first. If the
total of the eligible actual damages of all claims exceeds the maximum
that may be paid from the Real Estate Recovery Trust Account,
the actual damages shall be prorated, and no interest, attorney fees,
or court costs shall be paid.
(2)If, after allocating the actual damages as provided
by paragraph (1) of this section, the limitations in §1101.610
of the Act are not reached, interest on actual damages (pre-judgment
and post-judgment) shall be allocated second. If the total of the
interest on eligible actual damages of all claims exceeds the amount
remaining to be paid from the Real Estate Recovery Trust
Account, the interest on eligible actual damages shall be prorated,
and no other interest, attorney fees, or court costs shall be paid.
(3)If, after allocating the actual damages and interest
thereon as provided by paragraphs (1) and (2) of this section, the
limitations in §1101.610 of the Act are not reached, other interest,
attorney fees, and court costs shall be allocated third. If the total
of the other interest, attorney fees, and court costs of all claims
exceeds the amount remaining to be paid from the Real Estate Recovery
Trust Account, the other interest, attorney fees, and court costs
shall be prorated.
The agency certifies that legal counsel has
reviewed the proposal
and found it to be within the state agency's
legal authority to adopt.
Filed
with the Office of the Secretary of State on February 15, 2023
TRD-202300746 Vanessa E. Burgess
General Counsel
Texas Real Estate Commission
Earliest possible date of adoption: April 2, 2023
For further information, please call: (512) 936-3284
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