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In the event of multiple and valid pending claims against a
license holder or certificate holder in excess of the limitations
in §1102.359, the claims are 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 are prorated, and no interest, attorney fees, or court
costs are paid.
(2)If, after allocating the actual damages as provided
by paragraph (1) of this section, the limitations in §1102.359
of Chapter 1102, interest on actual damages (pre-judgment and post-judgment)
are 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 are prorated, and no other interest, attorney fees,
or court costs are paid.
(3)If, after allocating the actual damages and interest
thereon as provided by paragraph (1) and (2) of this section, the
limitations in §1102.359 of Chapter 1102, are not reached, other
interest, attorney fees, and court costs are 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 are prorated.
The agency certifies that
legal counsel has
reviewed the adoption and found it to be a valid exercise of the agency's
legal authority.
Filed
with the Office of the Secretary of State on November 24, 2014
TRD-201405667 Kerri Lewis
General Counsel
Texas Real Estate Commission
Effective date: January 1, 2015
Proposal publication date: September 5, 2014
For further information, please call: (512) 936-3092
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