324.410 Purposes of fund.
588 words·~3 min read·
/ky/chapter-324/324-410A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The purposes of the real estate education, research, and recovery fund shall be as follows:
(1)If a licensee, acting in the capacity of a licensee, has been duly found guilty of fraud
in the violation of one
(1)or more of the provisions of KRS 324.160, and upon the
conclusion of a final order entered by the commission, or by the courts, if appealed,
the commission may pay to the aggrieved person or persons an aggregate amount
not to exceed twenty thousand dollars ($20,000) per claimant with combined
payments to all claimants against any one
(1)licensee not to exceed fifty thousand
dollars ($50,000), if the licensee has refused to pay the claim within a period of
twenty
(20)days of entry of a final order and if the amount or amounts of money in
question are certain and liquidated.
(2)The commission shall maintain a minimum level of four hundred thousand dollars
($400,000) for recovery and guaranty purposes. These funds may be invested and
reinvested in the same manner as funds of the state employees' retirement system
and the interest from the investments shall be deposited to the credit of the real
estate education, research, and recovery fund. Sufficient liquidity shall be
maintained so that there shall be money available to satisfy any and all claims which
may be processed through the commission through the means of formal
administrative hearing as outlined in this chapter.
(3)The commission, in its discretion, may use any and all funds in excess of the four
hundred thousand dollars ($400,000) level, regardless of whether it is from the real
estate education, research, and recovery fund fees or accrued interest thereon, for
the following purposes:
(a)To carry out the advancement of education and research in the field of real
estate for the benefit of those seeking a real estate license, and those licensed
under the provisions of this chapter and the improvement and making more
efficient the real estate industry;
(b)To underwrite educational seminars, caravans, and other forms of educational
projects for the use and benefit generally of real estate licensees;
(c)To establish a real estate chair or courses at Kentucky state institutions of
higher learning for the purpose of making the courses available to licensees
and the general public who may seek them on a college or university level;
(d)To contract for a particular research project in the field of real estate for the
Commonwealth of Kentucky;
(e)To sponsor, contract for, and to underwrite other educational and research
projects of a similar nature having to do with the advancement of the real
estate field in Kentucky;
(f)To receive recommendations and to cooperate and work with the Kentucky
Association of Realtors and other real estate groups for the enlightenment and
advancement of the real estate licensees of Kentucky; and
(g)To augment the trust and agency account for purposes of addressing cash flow
shortfalls, budget deficits, and for reimbursement of personnel, administrative,
operational, and capital expenses incurred by the trust and agency account
pursuant to the purposes of the education, research, and recovery fund as
provided in this section, an amount not to exceed two hundred fifty thousand
dollars ($250,000) annually.
(4)Within one hundred twenty
(120)days after the end of each fiscal year, the
commission shall make public, through its Web site or other public media, a
statement of income and expenses of the real estate education, research, and
recovery fund, the details of which are in accordance with state financial reporting
requirements.