(1) A financial payment (an economic loss payment ) may be made to a person for economic loss sustained as a result of an act of violence.
(2) A regulation may prescribe the following:
(a) economic loss for which an economic loss payment may be made;
(b) a condition, if any, to making the economic loss payment;
(c) the maximum amount, if any, of the payment for the loss;
(d) the maximum amount, if any, of all economic loss payments that may be made in relation to a single act of violence.