|
In the event of multiple valid pending claims against a licensee or certificate holder in excess of the limitations in §1102.359, Texas Occupations Code, 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 Inspection Recovery Fund, 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 §1102.359, Texas Occupations Code 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 Inspection Recovery Fund, 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 §1102.359, Texas Occupations Code 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 Inspection Recovery Fund, the other interest, attorney fees, and court costs shall be prorated.
This agency hereby certifies that the proposal
has been reviewed by legal counsel and found to be within the agency's
legal authority to adopt.
Filed with the Office
of the
Secretary of State on December 13, 2011
TRD-201105542 Devon V. Bijansky
Deputy General Counsel
Texas Real Estate Commission
Earliest possible date of adoption: January 29, 2012
For further information, please call: (512) 936-3092
|
