26-31-109. MORTGAGE RECOVERY FUND. (1) There is hereby created in the state treasury the mortgage recovery fund.
(2) As provided in section 26-31-112, Idaho Code, the mortgage recovery fund shall be used to reimburse persons to whom an Idaho court awards actual damages resulting from acts constituting violations of this chapter by a mortgage broker, mortgage lender or mortgage loan originator who was licensed, or required to be licensed, under this chapter at the time that the act was committed.
(3) A recovery from the mortgage recovery fund shall not include punitive damages awarded by a court.
(4) Payments from the mortgage recovery fund may not be made to:
(a) Any lender whose acts, or the acts of its agent, were found by a court to be violations of this chapter and a basis of the court’s award of a money judgment to a person injured by such violations;
(b) Any person who acquires a mortgage loan where acts associated with the origination of such loan are found by a court to be violations of this chapter and a basis for a judgment obtained by a person injured by such violations; or
(c) The spouse, the personal representative of the spouse of the judgment debtor or the personal representative of the judgment debtor.
History:
[26-31-109, added 2009, ch. 97, sec. 2, p. 285.]
Structure Idaho Code
Chapter 31 - IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT
Section 26-31-101 - SHORT TITLE AND SCOPE.
Section 26-31-102 - GENERAL DEFINITIONS.
Section 26-31-104 - BORROWER’S REMEDIES NOT AFFECTED.
Section 26-31-105 - RELATIONSHIP TO OTHER LAWS.
Section 26-31-106 - FUNDS COLLECTED UNDER THIS CHAPTER.
Section 26-31-107 - CHARGES FOR PARTICIPATION IN THE NMLSR.
Section 26-31-108 - REPORT TO NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY.
Section 26-31-109 - MORTGAGE RECOVERY FUND.
Section 26-31-111 - STATUTE OF LIMITATIONS.
Section 26-31-112 - PROCEDURE FOR RECOVERY.
Section 26-31-113 - RECOVERY LIMITS.
Section 26-31-114 - REVOCATION OF LICENSE FOR PAYMENT FROM MORTGAGE RECOVERY FUND.