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<section article="gbo" article_name="Business Occupations and Professions" number="17-410" title_number="17" title_name="Real Estate Brokers" subtitle_number="4" subtitle_name="Real Estate Guaranty Fund">
  <level label="a">
    <text>The Commission shall order payment of a claim by the Guaranty Fund if, on the hearing, the claimant:</text>
    <level label="1">
      <text>proves that the claimant has a valid claim under this subtitle; and</text>
    </level>
    <level label="2">
      <text>presents evidence, satisfactory to the Commission, that the claimant is not:</text>
      <level label="i">
        <text>the spouse of the licensee or the unlicensed employee alleged to be responsible for the act or omission giving rise to the claim; or</text>
      </level>
      <level label="ii">
        <text>the personal representative of the spouse of the licensee or the unlicensed employee alleged to be responsible for the act or omission giving rise to the claim.</text>
      </level>
    </level>
  </level>
  <level label="b">
    <level label="1">
      <text>The Commission may order payment by the Guaranty Fund only for the actual monetary loss suffered by the claimant as a result of the claim proven by the claimant.</text>
    </level>
    <level label="2">
      <text>For any claim, the Commission may not order a payment by the Guaranty Fund of more than $50,000.</text>
    </level>
  </level>
  <level label="c">
    <text>A payment may not be made by the Guaranty Fund under an order of the Commission until:</text>
    <level label="1">
      <text>the expiration of the time provided under Title 10, Subtitle 2 of the State Government Article for seeking judicial review of the Commission’s order; or</text>
    </level>
    <level label="2">
      <text>the expiration of any judicial stay of the order of the Commission.</text>
    </level>
  </level>
  <level label="d">
    <text>The Commission shall order payment of each claim due in the order in which the claim was awarded.</text>
  </level>
  <level label="e">
    <text>If, at the time a payment is due, the money in the Guaranty Fund is insufficient to satisfy fully the order for payment, the Commission:</text>
    <level label="1">
      <text>immediately shall pay to the claimant the amount that is available in the Guaranty Fund; and</text>
    </level>
    <level label="2">
      <text>when sufficient funds are available in the Guaranty Fund, shall pay the claimant:</text>
      <level label="i">
        <text>the balance due on the order; plus</text>
      </level>
      <level label="ii">
        <text>interest calculated on that balance at an annual rate of 10%.</text>
      </level>
    </level>
  </level>
</section>
