(a) If the total amount in the real estate recovery fund (including principal and interest) is less than four hundred fifty thousand dollars ($450,000) on June 30 in an odd-numbered year after the payment of all claims and expenses, the real estate commission shall assess a surcharge according to the following formula in order to maintain the fund at an approximate level of six hundred thousand dollars ($600,000):STEP ONE: Determine the amount remaining in the fund on June 30 of the current year after all expenses and claims have been paid.STEP TWO: Subtract the amount determined under STEP ONE from six hundred thousand dollars ($600,000).STEP THREE: Determine the number of licensees who had licenses in effect on June 30 of the current year.STEP FOUR: Divide the number determined under STEP TWO by the number determined under STEP THREE.(b) The real estate commission shall assess the surcharge described in subsection (a) against each licensee who:(1) receives an initial license; or(2) receives a renewal license.(c) The real estate commission shall assess the surcharge described in subsection (a) for the two (2) year period beginning on July 1 of the current year through nse; or(2) receives a renewal license.(c) The real estate commission shall assess the surcharge described in subsection (a) for the two (2) year period beginning on July 1 of the current year through June 30 of the next odd-numbered year.(d) The surcharge assessed under this section is in addition to any other fee under this article.(e) This section does not apply to a person who:(1) receives an initial license or certificate; or(2) receives a renewal license or certificate;under the real estate appraiser licensure and certification program established under IC 25-34.1-3-8.As added by P.L.255-1987, SEC.6. Amended by P.L.143-1990, SEC.10; P.L.183-1991, SEC.9.
Indiana Legal Code