Automatic suspension of license upon court order requiring payment; conditions for reinstatement of license. If the Administrator pays any amount in settlement of a claim or towards satisfaction of a judgment against a licensee from the Account, the license is automatically suspended upon the effective date of an order by the court authorizing payment from the Account. A licensee may not be granted reinstatement until he has repaid in full, plus interest at the rate of 12 percent per annum, the amount paid from the Account on his behalf. Interest is to be computed from the date payment from the Account is made.
Last modified: February 25, 2006