Md. Code Regs. 10.29.15.07
Current through Register Vol. 51, No. 12, June 14, 2024
Section 10.29.15.07 - RestitutionA. A claimant may receive compensation from the Fund for an actual preneed trust fund loss that occurred on or after January 1, 2010. All payments shall be a matter to be decided by the full Board in its discretion.B. Restitution may only be obtained from the Fund if adequate funds are not available from the preneed seller.C. The amount of compensation recoverable by a claimant shall be restricted to the actual monetary loss incurred by the claimant.D. The President of the Board shall sign claims by designation to appropriate staff for payment from the Fund.E. The Board shall order full or partial payment of a claim.F. If at any time there are not sufficient funds on hand to pay all claims in full, the Board may, in its discretion, pay the approved claims pro rata or defer payment until such time as adequate funds are available.G. The Board shall determine the maximum cumulative amounts which shall be paid in respect to any one claim or multiple claims by a single claimant arising from the same licensee involved in either a client or fiduciary relationship. The percentage of payment on the dollar remains the same for all victims of the same licensee.Md. Code Regs. 10.29.15.07
Regulation .07 amended effective 45:7 Md. R. 345, eff. 4/9/2018