1.Upon the receipt and evaluation of claims, the commissioner shall file a report showing
the amount and validity of each claim after recognizing relevant:
c.Deductions due to advances or offsets accrued for the licensee;
e.Credit-sale contracts or noncredit-sale contract; and
f.The amount remaining to be paid based on the terms of the contract.
2.The report also must contain the proposed reimbursement to the commissioner for the
expenses of administering the insolvency, the proposed distribution of the trust fund
assets to receiptholders, less expenses incurred by the commissioner in the
administration of the insolvency, and the proposed credit-sale contract indemnity fund
payments to credit-sale contract claimants. If th
Free access — add to your briefcase to read the full text and ask questions with AI
1. Upon the receipt and evaluation of claims, the commissioner shall file a report showing
the amount and validity of each claim after recognizing relevant:
a. Liens or pledges;
b. Assignments;
c. Deductions due to advances or offsets accrued for the licensee;
d. Cash claims or checks;
e. Credit-sale contracts or noncredit-sale contract; and
f. The amount remaining to be paid based on the terms of the contract.
2. The report also must contain the proposed reimbursement to the commissioner for the
expenses of administering the insolvency, the proposed distribution of the trust fund
assets to receiptholders, less expenses incurred by the commissioner in the
administration of the insolvency, and the proposed credit-sale contract indemnity fund
payments to credit-sale contract claimants. If the trust fund is insufficient to redeem all
receiptholder claims in full, the report should list the funds as prorated.
3. The commissioner shall set a hearing and the appropriate notice for interested
persons to show cause why the commissioner's report should not be approved and
distribution of the trust fund be made as proposed. Copies of the report and notice of
hearing must be served by the commissioner by certified mail upon the licensee and
the surety and by ordinary mail upon all persons having claims filed with the
commissioner.
4. An aggrieved person having an objection to the commissioner's report shall file the
objection with the commissioner and serve copies on the commissioner, the licensee,
and the surety at least twenty days before the hearing. Failure to file and serve
objections in the time set is a waiver of the objection.
5. Following the hearing, the commissioner shall approve or modify the report and issue
an order directing payment of the necessary bond proceeds, distribution of the trust
fund, payments from the credit-sale contract indemnity fund, and discharge of the
commissioner from the commissioner's trust.
6. If an aggrieved person still has objection with the commissioner's report after hearing
the person may appeal to district court.