The Florida Senate

489.143  Payment from the fund.--

(1)  Any person who meets all of the conditions prescribed in s. 489.141(1) may apply to the board to cause payment to be made to such person from the Construction Industries Recovery Fund in an amount equal to the judgment, exclusive of postjudgment interest, against the certificateholder or $25,000, whichever is less, or an amount equal to the unsatisfied portion of such person's judgment, exclusive of postjudgment interest, or $25,000, whichever is less, but only to the extent and amount reflected in the judgment as being actual or compensatory damages. The fund is not obligated to pay any portion of any judgment, or any judgment, which is not expressly based on one of the grounds for recovery set forth in s. 489.140(1).

(2)  Upon receipt by a claimant under subsection (1) of payment from the Construction Industries Recovery Fund, the claimant shall assign his or her additional right, title, and interest in the judgment, to the extent of such payment, to the board, and thereupon the board shall be subrogated to the right, title, and interest of the claimant; and any amount subsequently recovered on the judgment by the board, to the extent of the right, title, and interest of the board therein, shall be for the purpose of reimbursing the Construction Industries Recovery Fund.

(3)  Payments for claims arising out of the same transaction shall be limited, in the aggregate, to $25,000, regardless of the number of claimants involved in the transaction.

(4)  Payments for claims against any one certificateholder or registrant shall not exceed, in the aggregate, $100,000.

(5)  If at any time the claims pending against the fund exceed 80 percent of the fund balance plus anticipated revenue for the next two quarters, the board shall accept no further claims until such time as the board is given express authorization and funding from the Legislature.

(6)  Upon the payment of any amount from the Construction Industries Recovery Fund in settlement of a claim in satisfaction of a judgment or restitution order against a certificateholder as described in s. 489.141(1), the license of such certificateholder shall be automatically suspended, without further administrative action, upon the date of payment from the fund. The license of such certificateholder shall not be reinstated until he or she has repaid in full, plus interest, the amount paid from the fund. A discharge of bankruptcy does not relieve a person from the penalties and disabilities provided in this section.

History.--s. 21, ch. 93-166; s. 267, ch. 94-119; s. 12, ch. 96-298; s. 73, ch. 96-388; s. 1131, ch. 97-103.