21 NCAC 58A .1402. MULTIPLE CLAIMS

(a)  If at any time the Commission has notice of more than one application or potential claim for payment from the Real Estate Education and Recovery Fund arising out of the conduct of a single broker, the Commission may, in its discretion, direct that all applications filed before a date determined by the Commission be consolidated for hearing and payment.

(b)  Upon directing that claims be consolidated as provided in Paragraph (a) of this Rule, the Commission shall issue to the broker and the applicants and potential claimants an Order of Consolidation setting forth the deadline for filing all applications to be consolidated.  Upon the passing of the deadline, the Commission may, in its discretion, either extend the deadline or issue to the broker and all applicants a notice of the time, date and place set for the hearing on the consolidated applications.

(c)  In exercising its discretion as provided in Paragraphs (a) and (b) of this Rule, the Commission shall consider the following factors:

(1)           the number of claim applications or potential claims of which it has notice;

(2)           the amount of each claim;

(3)           the status of the underlying civil action in each claim;

(4)           the length of time each claim has been pending since the Commission first received notice of the claim; and

(5)           whether consolidation of such claims or the extension of the deadline for filing applications to be consolidated will promote the fair and efficient administration and payment of monies from the Real Estate Education and Recovery Fund.

 

History Note:        Authority G.S. 93A-16(d); 93A-17; 93A-20;

Eff. February 1, 1988;

Amended Eff. May 1, 2013; July 1, 2000; February 1, 1989.