§468M-7 Action for damages. Any activity desk shall be liable to the activity provider for a violation of this chapter for any damages which result from a violation. Damages shall be awarded at the rate of no less than $1,000 for each violation. Violations shall be calculated as follows:
(1) For violations of section 468M-3(1), (2), or (3), by multiplying the number of days the violations occurred by the number of locations of an activity desk where the violations occurred;
(2) For violations of section 468M-3(4), by counting the number of days where the client trust account held funds insufficient to meet the requirements of section 468M-3(4); and
(3) Notwithstanding paragraphs (1) and (2), not more than $10,000 shall be awarded if the activity desk has not previously been required to pay damages to an activity provider pursuant to this section. [L 1990, c 214, pt of §1, §2; am L 1991, c 240, pt of §1, §§2, 4; ren and am L 1992, c 231, pt of §2, §§3, 6; am L 1995, c 174, §§1, 2; am L 1998, c 248, §§1, 2]