What is the maximum amount that can be paid from the Utah Recovery Fund for a single transaction of a dishonest licensee?

What is the maximum amount that can be paid from the Utah Recovery Fund for a single transaction of a dishonest licensee?

• A. $15,000
• B. $5,000
• C. $50,000
• D. $2,000

Answer: (A)

The correct answer reflects the established maximum payout limit for a single transaction involving a dishonest licensee from the Utah Recovery Fund, which is set at $15,000. The purpose of the Recovery Fund is to provide financial compensation to individuals who suffer losses due to the dishonest actions of a licensed professional. This amount is designed to offer a reasonable level of restitution for claimants while also managing the fund's total liability. The maximum limit is important because it ensures that there are sufficient resources available to address multiple claims without depleting the fund too quickly. This structured cap is part of a broader regulatory framework aimed at maintaining trust in licensed professions, balancing the interests of consumers who may be wronged by dishonest behavior, and the financial viability of the Recovery Fund itself.

The correct answer reflects the established maximum payout limit for a single transaction involving a dishonest licensee from the Utah Recovery Fund, which is set at $15,000. The purpose of the Recovery Fund is to provide financial compensation to individuals who suffer losses due to the dishonest actions of a licensed professional. This amount is designed to offer a reasonable level of restitution for claimants while also managing the fund's total liability.

The maximum limit is important because it ensures that there are sufficient resources available to address multiple claims without depleting the fund too quickly. This structured cap is part of a broader regulatory framework aimed at maintaining trust in licensed professions, balancing the interests of consumers who may be wronged by dishonest behavior, and the financial viability of the Recovery Fund itself.