Sec. 4. (a) If any aggrieved person obtains a final judgment in any court against any licensee to recover damages for failure to meet the obligations of a licensee under this article and the rules adopted under this article (with or without findings by the auctioneer commission) that results in an actual cash loss to the aggrieved person, the person may, upon termination of all proceedings including appeals and proceedings supplemental to judgment for collection purposes, file a verified application with the commission for an order directing payment out of the auctioneer recovery fund of the amount of actual and direct loss in the transaction that remains unpaid upon the judgment. The amount of actual and direct loss may include court costs but may not include attorney's fees or punitive damages awarded. The amount that may be paid from the auctioneer recovery fund may not exceed twenty thousand dollars ($20,000) per judgment and an aggregate lifetime limit of fifty thousand dollars ($50,000) with respect to any one (1) licensee.
(b) This section applies only to a final judgment that awards damages for an act by the licensee described in subsection (a) that arises directly out of any transaction:
(1) that occurred when the licensee was licensed;
(2) for which a license was required under IC 25-6.1; and
(3) that occurred after December 31, 1987.
As added by P.L.256-1987, SEC.4. Amended by P.L.134-2013, SEC.3.
Structure Indiana Code
Title 25. Professions and Occupations
Article 6.1. Auctioneers and Auctions
Chapter 8. Auctioneer Recovery Fund
25-6.1-8-1. Establishment of Fund; Administration; Investments
25-6.1-8-2. Surcharge; Formula; Assessment
25-6.1-8-2.1. Reversion of Excess Funds
25-6.1-8-3. Interest Credited; Payment of Expenses
25-6.1-8-4. Claims Against Fund; Applications; Amount of Loss; Limitation on Recovery
25-6.1-8-6. Agents for Service of Process
25-6.1-8-7. Limitation of Actions; Notice of Commencement of Action
25-6.1-8-8. Commission as Defendant; Hearings; Order of Payment of Claim
25-6.1-8-10. Suspension of Judgment Debtor's License; Repayment by Licensee; Interest
25-6.1-8-12. Expenditure of Interest
25-6.1-8-13. Attorney General; Assistance to Commission; Expenses