SECTION .0400 ‑ RECOVERY FUND

14B NCAC 17 .0401          DEFINITIONS

In addition to the definitions in Article 2 of Chapter 74D of the General Statutes of North Carolina, the following definitions shall apply through this Section:

(1)           "Board" means the Alarm Systems Licensing Board.

(2)           "Fund" means the Recovery Fund of the Alarm Systems Licensing Act.

(3)           "Aggrieved Party" means a person who has suffered a direct or monetary loss because of a licensee's acts.

(4)           "Licensee" means a person who, at the time of the act complained of, was licensed by the Alarm Systems Licensing Board.

(5)           "Reimbursable Loss" means only those losses of money or other property that meet all of the following tests:

(a)           the obligation was incurred on or after July 1, 1983;

(b)           the loss was caused by a licensee defaulting on an obligation that was entered into by the licensee to perform alarm systems services; and

(c)           the aggrieved party has exhausted all civil remedies against the licensee or his estate and has complied with these Rules.

(d)           the following shall be excluded from "reimbursable losses":

(i)            Losses of spouses, children, parents, grandparents, siblings, partners, associates and employees of the licensee causing the losses;

(ii)           Losses covered by any bond, surety agreement, or insurance contract to the extent covered thereby; and

(iii)          Losses which have been otherwise received from or paid by or on behalf of the licensee who defaulted on an obligation.

History Note:        Authority G.S. 74D‑30; 74D‑31;

Eff. June 1, 1990;

Transferred and Recodified from 12 NCAC 11 .0401 Eff. July 1, 2015;

Readopted Eff. June 1, 2018.