Should the Commission pay from the Fund any amount in settlement of a claim or toward satisfaction of a judgment against a licensee, the license of the licensee shall be automatically suspended upon the effective date of the order authorizing payment from the Fund. The licensee shall not be eligible for consideration for reinstatement until repayment in full, plus interest at the legal rate as provided for in N.C. Gen. Stat. § 24-1, the amount paid from the Fund. (1991 (Reg. Sess., 1992), c. 819, s. 12.)

Terms Used In North Carolina General Statutes 85B-4.8

  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.