87-15.5. Definitions. The following definitions apply in this Article: (1) Applicant. – The owner or former owner of a single-family residential dwelling unit who has suffered a reimbursable loss and has filed an application for reimbursement from the Fund. (2) Board. – The State Licensing Board for General Contractors. (3) Dishonest conduct. – Fraud or […]
87-15.6. Homeowners Recovery Fund. (a) The Homeowners Recovery Fund is established as a special account of the Board. The Board shall administer the Fund. The purpose of the Fund is to reimburse homeowners who have suffered a reimbursable loss in constructing or altering a single-family residential dwelling unit. (b) Whenever a general contractor applies for […]
87-15.7. Fund administration. (a) The Board shall determine the procedure for applying to the Board for reimbursement from the Fund, for processing applications, for granting requests for reimbursement, and for the subrogation or assignment of the rights of any reimbursed applicant. The Board shall submit annually a report to the State Treasurer accounting for all […]
87-15.8. Application for reimbursement. (a) The Board shall prepare a form to be used to apply for reimbursement from the Fund. Only a person whom the Board determines to meet all of the following requirements may be reimbursed from the Fund: (1) Has suffered a reimbursable loss in the construction or alteration of a single-family […]
87-15.9. Subrogation for reimbursement made. The Board is subrogated to an applicant who is reimbursed from the Fund in the amount reimbursed and may bring an action against the general contractor whose conduct caused the reimbursable loss, the general contractor’s assets, or the general contractor’s estate. The Board may enforce any claims it may have […]
