26-31-113. RECOVERY LIMITS. (1) A person entitled to receive payment from the mortgage recovery fund may receive reimbursement of actual damages, which shall not include post judgment interest, reasonable attorney’s fees and court costs as determined by the court, subject to the limitations in subsection (2) of this section and subject to the availability of sufficient funds in the mortgage recovery fund at the time payment is ordered.
(2) A payment from the mortgage recovery fund may be made by the director only pursuant to a court order as provided by section 26-31-112, Idaho Code, in an amount equal to the unsatisfied portion of the creditor’s judgment or judgments or fifty thousand dollars ($50,000), whichever is less.
(3) Payments from the mortgage recovery fund shall be limited in the aggregate to two hundred fifty thousand dollars ($250,000) against any one (1) licensee. If the total claims against such licensee exceed the aggregate limit of two hundred fifty thousand dollars ($250,000), the court shall prorate payment based on the ratio that a person’s claim bears to the other claims filed against such licensee.
History:
[26-31-113, added 2009, ch. 97, sec. 2, p. 287.]
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.