 |
Texas Statutes (Last Updated: January 4, 2014) |
 |
OCCUPATIONS CODE |
|
Title 7. PRACTICES AND PROFESSIONS RELATED TO REAL PROPERTY AND HOUSING |
|
Subtitle A. PROFESSIONS RELATED TO REAL ESTATE |
|
Chapter 1101. REAL ESTATE BROKERS AND SALESPERSONS |
|
Subchapter M. REAL ESTATE RECOVERY TRUST ACCOUNT |
Sec. 1101.610. PAYMENT LIMITS; ATTORNEY'S FEES
-
(a) Payments from the trust account for claims, including attorney's fees, interest, and court costs, arising out of a single transaction may not exceed a total of $50,000, regardless of the number of claimants.
(b) Payments from the trust account for claims based on judgments against a single license or certificate holder may not exceed a total of $100,000 until the license or certificate holder has reimbursed the trust account for all amounts paid.
(c) If the court finds that the total amount of claims against a license or certificate holder exceeds the limitations in this section, the court shall proportionately reduce the amount payable on each claim.
(d) A person receiving payment from the trust account is entitled to receive reasonable attorney's fees in the amount determined by the court, subject to the limitations prescribed by this section.