Utah Administrative Code
Topic - Commerce
Title R156 - Professional Licensing
Rule R156-38a - Residence Lien Restriction and Lien Recovery Fund Rule
Section R156-38a-203 - Limitation on Payment of Claims
Universal Citation: UT Admin Code R 156-38a-203
Current through Bulletin 2024-24, December 15, 2024
(1) Claims may be paid prior to the pro-rata adjustment required by Subsection 38-11-203(4)(b) if the Division determines that a pro-rata payment will likely not be required.
(2) If any claims have been paid before the Division determines a pro-rata payment will likely be required, the Division will notify the claimants of the likely adjustment and that the claimants will be required to reimburse the Division when the final pro-rata amounts are determined.
(3) The pro-rata payment amount required by Subsection 38-11-203(4)(b) shall be calculated as follows:
(a) determine
the total claim amount each claimant would be entitled to without consideration
of the limit set in Subsection
38-11-203(4)(b);
(b) sum the amounts each claimant would be
entitled to without consideration of the limit to determine the total amount
payable to all claimants without consideration of the limit;
(c) divide the limit amount by the total
amount payable to all claimants without consideration of the limit to find the
claim allocation ratio; and
(d) for
each claim, multiply the total claim amount without consideration of the limit
by the claim allocation ratio to find the net payment for each claim.
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