(a) If the total amount in the auctioneer recovery fund (including principal and interest) is less than three hundred sixty thousand dollars ($360,000) on June 30 in an odd-numbered year after the payment of all claims and expenses, the auctioneer commission shall assess a surcharge according to the following formula in order to maintain the fund at an approximate level of four hundred thousand dollars ($400,000):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 four hundred thousand dollars ($400,000).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 auctioneer 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 auctioneer 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 or(2) receives a renewal license.(c) The auctioneer 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.As added by P.L.256-1987, SEC.4. Amended by P.L.143-1990, SEC.2; P.L.214-1993, SEC.17; P.L.59-2014, SEC.11.
Indiana Legal Code