Texas Administrative Code
Title 7 - BANKING AND SECURITIES
Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING
Chapter 51 - DEPARTMENT ADMINISTRATION
Subchapter D - RECOVERY FUND
Section 51.304 - Liability for Unpaid Claims
Universal Citation: 7 TX Admin Code ยง 51.304
Current through Reg. 49, No. 38; September 20, 2024
(a) No Liability. The recovery fund, the Commissioner, and the Department are not liable to a claimant for a claim approved by the Commissioner under Finance Code § RSA 156.504 if the assets of the recovery fund are insufficient to pay such claim.
(b) Payment of Unpaid Claims. If the recovery fund contains insufficient assets to pay a claim approved by the Commissioner under Finance Code § RSA 156.504, the Commissioner will:
(1) record the time and date the claim was
approved; and
(2) pay approved but
unpaid claims for which a recordation was made under paragraph (1) of this
subsection as funds in the recovery fund become available, in the order of the
recorded time and date of such claims.
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