North Carolina Administrative Code
Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS
Chapter 12 - GENERAL CONTRACTORS
Subchapter A - GENERAL PROVISIONS
Section .0900 - HOMEOWNERS RECOVERY FUND
Section 12A .0909 - SETTLEMENT OF CLAIMS
The claim or claims forming the basis of an application for recovery from the fund may be compromised and settled by the applicant and the general contractor after the filing of the application. The parties shall notify the Board immediately of any such settlement. Payment of the claim, in whole or in part, by the general contractor as part of a settlement will result in the claim no longer being a "reimbursable loss" as defined by G.S. 87-15.5(6)(b), and the claim will be dismissed by the Board.
Authority
G.S.
87-15.6;
87-15.7;
87-15.8;
Eff. January
4, 1993;
Pursuant to
G.S.
150B-21.3A, rule is necessary without
substantive public interest Eff. July 23, 2016;
Recodified from
21 NCAC
12 .0909 Eff. January 2,
2020.
