Section 5-712 - Suspension of registration pending reimbursement of Fund.
§ 4.5-712. Suspension of registration pending reimbursement of Fund.
(a) In general.- If the Division pays a claim against the Guaranty Fund based on an act or omission of a registrant, the Division may suspend the home builder registration until the registrant reimburses the Fund in full for:
(1) the amount paid from the Guaranty Fund; and
(2) interest on that amount at a rate determined by the Division so as not to exceed the legal rate of interest on a judgment in place at the time a claim is approved.
(b) Effects of disciplinary proceedings not nullified by reimbursement.- Reimbursement of the Guaranty Fund in full by a registrant, by itself, does not nullify or modify the effect of a disciplinary proceeding against a registrant.
(c) Licenses or registrations in Montgomery County.- If a home builder holds a license or registration in Montgomery County, the county may suspend the license as provided in this section.
[2008, chs. 480, 481.]