(1)The maximum claim of one (1) judgment creditor against the fund, based on an unpaid certified judgment arising out of any loss or damage by reason of a claim submitted pursuant to section 49-1608E, Idaho Code, involving a single transaction, shall be limited to fifty thousand dollars ($50,000), regardless of the amount of the unpaid certified final judgment of one (1) judgment creditor.
(2)The aggregate of claims against the fund based on unpaid final judgments arising out of any loss or damage by reason of a claim submitted pursuant to section 49-1608E, Idaho Code, involving more than one (1) transaction shall be limited to one hundred twenty thousand dollars ($120,000) per licensee, regardless of the total amounts of the unpaid certified judgments of judgment creditors.
Free access — add to your briefcase to read the full text and ask questions with AI
(1) The maximum claim of one (1) judgment creditor against the fund, based on an unpaid certified judgment arising out of any loss or damage by reason of a claim submitted pursuant to section 49-1608E, Idaho Code, involving a single transaction, shall be limited to fifty thousand dollars ($50,000), regardless of the amount of the unpaid certified final judgment of one (1) judgment creditor.
(2) The aggregate of claims against the fund based on unpaid final judgments arising out of any loss or damage by reason of a claim submitted pursuant to section 49-1608E, Idaho Code, involving more than one (1) transaction shall be limited to one hundred twenty thousand dollars ($120,000) per licensee, regardless of the total amounts of the unpaid certified judgments of judgment creditors.
(3) If a claim has been made against the fund, and the board has reason to believe that there may be additional claims against the fund from other transactions involving the same licensee, the board may withhold any payment from the fund involving the licensee for a period not to exceed the end of the relevant license period. After this period, if the aggregate of claims against the licensee exceeds one hundred twenty thousand dollars ($120,000), a total of one hundred twenty thousand dollars ($120,000) shall be prorated among the claimants and paid from the fund in proportion to the amounts of their unpaid certified judgments against the licensee.
(4) (a) Claims against motor vehicle dealers or their salespersons participating in the Idaho consumer asset recovery fund pursuant to section 49-1608E, Idaho Code, shall be prorated when the aggregate exceeds one hundred twenty thousand dollars ($120,000) against one (1) dealer.
(b) Claims shall be prorated only after the dealer’s twenty thousand dollar ($20,000) bond has been exhausted and utilized first. Such additional claims shall be prorated when the aggregate exceeds one hundred thousand dollars ($100,000) against one (1) dealer.
(5) Upon receipt of a certified judgment filed in support of a claim against the fund, the board shall send written notice to the licensee who is the subject of the unpaid judgment that a claim has been filed and that the licensee should satisfy the unpaid judgment. If the unpaid judgment is not fully satisfied within thirty (30) days following the date of the written notice by the board, the board shall make payment from the fund subject to the other limitations provided for in this act.
(6) If at any time the fund is insufficient to fully satisfy any claims or claim filed with the board and authorized by this act, the board shall pay such claim, claims or portion thereof to the claimants in the order that the claims were filed with the board.
(7) On payment by the board to a claimant from the fund, the board shall, within five (5) business days, notify the licensee in writing of the board’s payment to the claimant and request full reimbursement be made to the board within thirty (30) days of the notification. Failure to reimburse the fund in full within the specified period shall be grounds for suspension or revocation of the license pursuant to title 49, chapter 16, Idaho Code. Any person whose license is revoked shall not be eligible to apply for a license as a motor vehicle dealer or for a license as a salesperson until the person has repaid in full the amount paid from the fund on his account, plus interest to be calculated pursuant to the provisions of section 28-22-104, Idaho Code.
(8) Nothing contained in this article shall limit the authority of the department to take disciplinary action against any licensee for any violation of this chapter or any rule promulgated thereunder, nor shall full repayment of the amount paid from the fund on a licensee’s account nullify or modify the effect of any disciplinary action against that licensee for any violation.
(9) The department is authorized to promulgate reasonable rules not inconsistent with this chapter for the purpose of carrying out the provisions of this section.