TITLE 26

BANKS AND BANKING

CHAPTER 31

IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT

PART 1.

GENERAL PROVISIONS

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.]