Section 14.18 - Establishment of the Guaranty Fund(1)Establishment of the Guaranty Fund. Pursuant to M.G.L. c. 142A, there shall be established a Residential Contractor's Guaranty Fund within OCABR.(2)Purpose of Fund. The purpose of the fund is to compensate eligible owners for actual losses as defined by 201 CMR 14.14 and M.G.L. c. 142A incurred as a result of a registrant's conduct which has been found by an approved arbitrator or a court of competent jurisdiction to be work which is: (a) performed in a poor or unworkmanlike manner;(b) a common law violation or a violation of any statute or regulation designed for the protection of consumers, including but not limited to M.G.L. c. 93A and prohibited acts listed in M.G.L. c. 142A, § 17.(3)Fund Administrator. A Fund Administrator, appointed by the director of OCABR, shall be responsible for implementing the provisions of M.G.L. c. 142A and 201 CMR 14.00.(4)Fund Claim Requirements. A homeowner may make a claim to the fund only if he or she has complied with the provisions of M.G.L. c. 142A, §§ 5 and 7 and has filed his claim with the fund within six months after the owner has obtained a judgment or arbitration award. All claims shall be filed within this six month period, even if the owner has not exhausted all collection efforts.(5)Fund of Last Resort Requirements. Payment from the fund may not be made to the homeowner unless the owner has exhausted all such customary and reasonable efforts as defined in 201 CMR 14.02 to collect the judgment or award.Amended by Mass Register Issue 1314, eff. 6/3/2016.