LIEN RECOVERY FUND - RATE OF
2003 GENERAL SESSION
STATE OF UTAH
Sponsor: Gordon E. Snow
This act modifies the lien recovery fund provisions of the Liens Code. The act changes
the set interest rate to the current interest rate. The act also limits the amount of
attorney's fees to 15% of the original judgment.
This act affects sections of Utah Code Annotated 1953 as follows:
38-11-203, as last amended by Chapter 198, Laws of Utah 2001
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 38-11-203 is amended to read:
38-11-203. Disbursements from the fund -- Limitations.
(1) A payment of any claim upon the fund by a qualified beneficiary shall be made only
upon an order issued by the director finding that:
(a) the claimant was a qualified beneficiary during the construction on a residence;
(b) the claimant complied with the requirements of Section 38-11-204; and
(c) there is adequate money in the fund to pay the amount ordered.
(2) A payment of a claim upon the fund by a laborer shall be made only upon an order
issued by the director finding that:
(a) the laborer complied with the requirements of Subsection 38-11-204(6); and
(b) there is adequate money in the fund to pay the amount ordered.
(3) (a) An order under this section may be issued only after the division has complied
with the procedures established by rule under Section 38-11-105.
(b) The director shall order payment of the qualified services as established by
evidence, or if the claimant has obtained a judgment, then in the amount awarded for qualified
services in the judgment to the extent the qualified services are attributable to the
owner-occupied residence at issue in the claim.
(c) The director shall order payment of interest on all amounts claimed for qualified
services based on the current prime interest rate at the [rate of 12%, annual percentage rate, from
the date] time payment was due to the date the claim is approved for payment except for delays