Alabama Administrative Code
Title 465 - HOME BUILDERS LICENSURE BOARD
Chapter 465-X-7 - HOMEOWNERS' RECOVERY FUND
Section 465-X-7-.04 - Repayments To Recovery Fund

Universal Citation: AL Admin Code R 465-X-7-.04

Current through Register Vol. 42, No. 5, February 29, 2024

(1) Should the Board pay from the Homeowners' Recovery Fund any amount in settlement of a claim or toward satisfaction of a judgment against a licensee, the Board may revoke the following licenses and may no longer recognize the experience and ability qualifications of the individual licensee or the qualifying representative of the licensee:

(a) The license of the licensee,

(b) Any individual license held by the licensees' qualifying representative,

(c) The licenses of any entities with the same qualifying representative as the licensee.

(2) The Board may refuse to issue a new license to any of the licensees or individuals listed in subsection (1)(a)-(c) above, or to recognize the experience and ability qualifications of the individual licensee or the qualifying representative of the licensee, until the amount paid out of the Homeowners' Recovery Fund on behalf of the licensee has been repaid in full, plus interest at the rate of twelve percent (12%) per annum.

Was previously 465-X-7-.01 and was renumbered 465-X-7-.04 as per certification filed May 5, 1999, effective June 9, 1999.

Authors: David R. Boyd, Lois Woodward, Kathy Perry Brasfield, Jamie A. Durham, J. Seth Gowan

Statutory Authority: Code Of Ala. 1975, §§ 34-14A-8, 34-14A-11, 34-14A-15.

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