Ala. Admin. Code r. 465-X-7-.04

Current through Register Vol. 43, No. 1, October 31, 2024

Section 465-X-7-.04 - Repayments To Recovery Fund

(1) Should the Board pay from the Homeowners' Recovery Fund any amount in settlement of a claim or toward satisfaction of a judgment against a licensee, the Board may revoke the following licenses and may no longer recognize the experience and ability qualifications of the individual licensee or the qualifying representative of the licensee:

(a) The license of the licensee,

(b) Any individual license held by the licensees' qualifying representative,

(c) The licenses of any entities with the same qualifying representative as the licensee.

(2) The Board may refuse to issue a new license to any of the licensees or individuals listed in subsection (1)(a)-(c) above, or to recognize the experience and ability qualifications of the individual licensee or the qualifying representative of the licensee, until the amount paid out of the Homeowners' Recovery Fund on behalf of the licensee has been repaid in full, plus interest at the rate of twelve percent (12%) per annum.

Ala. Admin. Code r. 465-X-7-.04

Original Rule and Emergency Rule filed June 20, 1994; Emergency Rule effective June 20,1994; New Rule: Filed:

Amended by Alabama Administrative Monthly Volume XXXVI, Issue No. 12, September 28, 2018, eff. 10/11/2018.

Was previously 465-X-7-.01 and was renumbered 465-X-7-.04 as per certification filed May 5, 1999, effective June 9, 1999.

Authors: David R. Boyd, Lois Woodward, Kathy Perry Brasfield, Jamie A. Durham, J. Seth Gowan

Statutory Authority:Code Of Ala. 1975, §§ 34-14A-8, 34-14A-11, 34-14A-15.