Payments from the recovery fund are limited in the following respects:

1. (1) Only the applicant's actual damages are paid from the recovery fund. No applicant is entitled to recover punitive, special or consequential damages, or attorney's fees.
2. (2) The fund is not liable for more than five thousand dollars per transaction, regardless of the number of persons aggrieved or the number of time sharing interests involved in such transaction.
3. (3) The liability of the fund shall not exceed in the aggregate ten thousand dollars for any one licensee in a single calendar year and in no event shall it exceed twenty thousand dollars for any one licensee.
4. (4) If the maximum liability of the fund is insufficient to pay in full the valid claims of all aggrieved persons whose claims relate to the same transaction or to the same licensee, the amount for which the fund is liable must be distributed among the claimants in a ratio that their respective claims bear to the total of such valid claims or in the manner as the Board of Arbitrators in its sole discretion shall decide. The Board of Arbitrators in its sole discretion is empowered to join in one action all claims having a common factual basis so that an equitable distribution from the fund may be achieved.
5. (5) In the event valid claims against the fund exceed the monies therein contained, the commission shall satisfy the unpaid claims or portions of them as soon as a sufficient amount of money has been deposited, together with interest at the rate of eight percent per annum from the date of award. All claims against the fund must be made in the same order as the awards from it were authorized by the Board of Arbitrators. Any award hereunder shall specifically not be a claim against the State if it cannot be paid due to a lack of funds in the Vacation Time Sharing Recovery Fund.