37-51-503. Claims against fund -- orders for payment. (1) Whenever a person obtains a final judgment in any court of competent jurisdiction against a person licensed under this chapter for the conversion of trust funds or arising directly out of any act or transaction for which a license is required under this chapter, the person may after executing on the final judgment file an application, in accordance with 37-51-504 and this section, with the board for an order directing payment out of the account for any actual and direct loss unpaid on the judgment.
(2) An application or order for payment from the account may not be made for:
(a) a judgment that has been satisfied;
(b) any amount in excess of $25,000 for any one licensee, regardless of the number of persons injured by acts of the licensee or number of parcels of real estate involved in the transaction or transactions;
(c) attorney fees and exemplary or punitive damages; or
(d) amounts remaining unpaid on any final judgment entered more than 2 years prior to the date of application.
(3) The application must be:
(a) served by certified mail, return receipt requested, upon the board, the licensee, and any other party to the transaction referred to in the application; and
(b) filed with the board along with an affidavit of service.