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2000 LAWS OF MARYLAND
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Ch. 522
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GOVERNMENT ARTICLE AND ALL RIGHTS OF APPEAL ARE EXHAUSTED, THE
DIRECTOR SHALL ISSUE A FINAL ORDER THAT;
(1) GRANTS AN AWARD ON THE CLAIM IN WHOLE OR IN PART; OR
(2) DENIES AN AWARD ON THE CLAIM.
4.5 508.
(A) IF AWARDS AGAINST A REGISTRANT EXCEED $300,000 LESS THE AMOUNT
OF UNREIMBURSED CLAIM PAYMENTS PREVIOUSLY MADE FOR THE REGISTRANT,
THE DIRECTOR MAY PAY THE AWARDS PROPORTIONATELY
(B) SUBJECT TO SUBSECTION (C) OF THIS SECTION, THE DIRECTOR SHALL PAY
AWARDS FROM THE GUARANTY FUND IN THE ORDER THAT THE UNDERLYING
CLAIMS WERE FILED.
(C) IF THE ASSETS OF THE GUARANTY FUND ARE INSUFFICIENT TO PAY AN
AWARD WHOLLY OR PARTLY, THE DIRECTOR SHALL PAY THE UNPAID AWARD;
(1) WHEN SUFFICIENT FUNDS ARE DEPOSITED IN THE GUARANTY
FUND; AND
(2) IN THE ORDER THAT THE UNDERLYING CLAIMS WERE FILED.
4.5-500.
(A) (1) AFTER THE DIRECTOR PAYS A CLAIM FROM THE GUARANTY FUND:
(I) THE DIRECTOR IS SUBROGATED TO ALL RIGHTS OF THE
CLAIMANT;
(II) THE CLAIMANT SHALL ASSIGN TO THE DIRECTOR ALL RIGHTS
OF THE CLAIMANT IN THE CLAIM; AND
(III) THE DIRECTOR HAS A RIGHT TO REIMBURSEMENT OF THE
GUARANTY FUND AGAINST THE REGISTRANT THAT IS RESPONSIBLE FOR THE CLAIM
FOR:
1. THE AMOUNT PAID FROM THE GUARANTY FUND; AND
2. INTEREST ACCRUED ON THE AMOUNT PAID FROM THE
GUARANTY FUND, AS PROVIDED UNDER § 11-107(A) OF THE COURTS ARTICLE.
(2) ALL MONEY THAT THE DIRECTOR RECOVERS ON A CLAIM SHALL BE
DEPOSITED IN THE GUARANTY FUND.
(B) (1) THE DIRECTOR SHALL PROVIDE WRITTEN NOTICE TO A REGISTRANT
FROM WHICH REIMBURSEMENT OF THE GUARANTY FUND IS DUE.
(2) ANY TIME AFTER 30 DAYS AFTER RECEIPT OF THE NOTICE
REQUIRED UNDER PARAGRAPH (1) OF THIS SUBSECTION, IF THE REGISTRANT THAT
IS RESPONSIBLE FOR THE UNDERLYING CLAIM HAS NOT FULLY REIMBURSED THE
GUARANTY FUND, THE DIRECTOR MAY SUE THE REGISTRANT IN A COURT OF
COMPETENT JURISDICTION FOR THE BALANCE DUE.
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- 2798 -
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