South Carolina § 40-6-360 - Limitations on payments from fund.
Full text of South Carolina South Carolina Code of Laws § 40-6-360 — Limitations on payments from fund., with citation guidance and answers to common questions.
§ 40-6-360. Limitations on payments from fund.
Payments from the fund are limited as follows:
(1) Only the claimant's actual damages may be paid from the fund. No claimant may recover punitive, special, or consequential damages or attorney's fees.
(2) The fund is not liable for more than ten thousand dollars for each transaction, regardless of the number of persons aggrieved.
(3) The liability of the fund may not exceed in the aggregate twenty thousand dollars for one licensee in one calendar year.
(4) A party aggrieved and awarded payment by a final commission decision has a vested right for payment. Claims against the fund must be made in the same order as the awards were authorized. If claims against the fund exceed the monies in the fund, the commission shall satisfy unpaid claims as soon as sufficient monies are deposited. An award is not a claim against the State if it cannot be paid due to a lack of monies in the fund.
(5) Notwithstanding item (4), if the maximum liability of the fund is insufficient to pay in full the valid claims of aggrieved persons whose claims relate to the same transaction or to the same licensee, the amount for which the fund is liable must be distributed among the claimants on a pro rata basis. The commission may join in one action claims having a common factual basis so that an equitable distribution from the fund may be achieved.
HISTORY: 2000 Act No. 318, SECTION 1.
Editor's Note
Prior Laws:1991 Act No. 38, SECTION 1; 1976 Code SECTION 40-6-230.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 40-6-360
What does South Carolina Code of Laws § 40-6-360 cover?
Section 40-6-360 ("Limitations on payments from fund.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 40-6-360?
A common citation format is "South Carolina Code of Laws § 40-6-360" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 40-6-360 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.