HARRY HUGHES, Governor

1741

(d) (1) When any aggrieved person commences any claim
under this section which may result in collection from the
guaranty fund, the aggrieved person shall notify the
Commission in writing to this effect at the time of the
commencement of such action.

(2) (I) [When] WITHIN 3 YEARS AFTER any

aggrieved person sustains a pecuniary loss against any real
estate broker or real estate salesman or the unlicensed
employee of any such real estate broker for loss or damages
sustained by reason of the embezzlement of money or
property, or money or property unlawfully obtained from any
person by false pretenses, artifice, trickery or forgery or
by reason of any fraud, misrepresentation or deceit by or on
the part of such real estate broker or salesman or the
unlicensed employee of any such real estate broker, or by
reason of a violation of this subtitle by such broker,
salesman, or employee such aggrieved person [shall] MAY file
a verified claim with the Commission, and apply to such
Commission for payment out of the guaranty fund of the
amount of the loss found by the Commission to be incurred by
such aggrieved person, subject to the limitations specified
in this section.

(II) A CLAIM UNDER THIS SECTION SHALL BE
BROUGHT WITHIN 3 YEARS AFTER THE PARTY DISCOVERS, OR BY THE
EXERCISE OF ORDINARY DILIGENCE SHOULD HAVE DISCOVERED, THE
LOSS OR DAMAGE.

(3)  The Commission shall proceed upon such
application in a summary manner, and, upon the hearing
thereof, the aggrieved person shall be required to show:

(i) [he] HE is not a spouse of the debtor,
or the personal representative of such spouse;

(ii) [he] HE has complied with all the
requirements of this section.

(4)  The Commission shall direct payment from the
real estate guaranty fund of whatever sum it shall find to
be payable upon the claim if the Commission is satisfied,
upon the hearing, of the truth of all matters.

(5)  If the Commission pays from the fund any
amount in settlement of a claim against a licensed real
estate broker or real estate salesman pursuant to an order
under this section, the license of the broker or salesman
shall be automatically revoked and no such broker or
salesman shall be eligible to receive a new license until he
has repaid in full, plus interest at the rate of 10 percent
a year, the amount paid from the guaranty fund on his
account. A discharge in bankruptcy shall not relieve a
person from the penalties and disabilities provided in this
subsection.