61-2f-503. Real Estate Education, Research, and Recovery Fund.

197 words·~1 min read·/ut/title-61/chapter-2f/61-2f-503

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)There is created an expendable special revenue fund known as the "Real Estate Education, Research, and Recovery Fund."

(b)The actual interest earned on the fund shall be deposited into the fund.

(2)The money in the fund includes:

(a)a fee imposed under Section 61-2f-505 ; and

(b)interest described in Subsection (1)(b) .

(3)The division shall administer the fund to:

(a)reimburse the public for damages caused in a real estate transaction by an individual licensed under this chapter; and

(b)in accordance with Section 61-2f-504 :

(i)investigate violations of this chapter related to fraud, misrepresentation, or deceit; or

(ii)provide revenue for improving the real estate profession through education and research with the goal of making licensees more responsible to the public.

(4)This part applies to damages caused by an individual licensee. Reimbursement may not be made for a final judgment against an entity.

(5)At the beginning of each fiscal year, the division shall make available $100,000 in the fund to satisfy final judgments rendered against a person licensed under this chapter.

Amended by Chapter 400 , 2013 General Session