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(a) After consideration of a claim, the commission will make written findings and conclusions in accordance with the provisions of AS 08.88.470 .
(b) The commission will furnish a copy of its findings and conclusions to the
(2) claimant's legal representative, if applicable;
(3) involved parties;
(4) involved parties' legal representatives, if applicable;
(5) real estate broker under 12 AAC 64.310(c) ; and
(6) real estate broker supervising an involved licensee at the time the commission makes its written findings and conclusions, if applicable.
(c) If interest is ordered to be paid on a claim of less than $10,000, the interest will be calculated from the date of loss until the date of payment of the claim. However, total payment from the fund will not exceed $10,000 per transaction, whether principal or a combination of principal and interest.
(d) When the commission awards payment of a claim from the real estate surety 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; and
(2) proof of payment from the real estate surety fund to the claimant.
(e) When, 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 surety fund by the licensee or an agreement between the licensee and the commission on the terms and conditions for reimbursing the surety 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.
History: Eff. 4/10/83, Register 86; am 7/3/94, Register 130; am 2/11/95, Register 133
Authority: AS 08.88.071
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Last modified 7/05/2006