58-3066. Recovery revolving fund; assessment of fees to maintain
balance; payments; interest.
- The real estate recovery revolving fund established within the
state treasury by K.S.A. 58-3023, and amendments thereto, is hereby
continued in existence. Such fund shall be used in the manner and
for the purpose provided by this act.
- At any time that the balance remaining in the real estate recovery
revolving fund is less than $100,000 the Commission, without delay,
shall assess each licensed broker a fee of $10 and each licensed salesperson
a fee of $5. Such fees shall be deposited in the state treasury and
credited to the real estate recovery revolving fund. If a licensee
does not pay the assessment within 30 days from the date notice of
assessment is mailed to the last residence address reported to the
Commission by the licensee, the licensee's license may be suspended
in accordance with the Kansas administrative procedure act until the
assessment is paid. A fee of $15 shall be paid by the licensee to
reinstate the suspended license. Fees paid to reinstate licenses suspended
under this section shall be remitted to the state treasurer in accordance
with the provisions of K.S.A. 75-4215, and amendments thereto. Upon
receipt of each such remittance, the state treasurer shall deposit
the entire amount in the state treasury to the credit of the state
general fund and the real estate fee fund as provided by subsection
(a) of K.S.A. 58-3074, and amendments thereto.
- All payments and disbursements from the real estate recovery
revolving fund shall be made upon warrants of the director of accounts
and reports issued pursuant to vouchers approved by the director of
the Commission or by any person or persons designated by the Commission.
Amounts credited to the real estate recovery revolving fund under
this section shall not be subject to any limitation imposed by any
appropriation act of the legislature. All payments and disbursements
from the real estate recovery revolving fund shall be subject to post
audit in accordance with article 11 of chapter 46 of the Kansas Statutes
Annotated and any amendments thereto.
- On or before the 10th of each month, the director of accounts
and reports shall transfer from the state general fund to the real
estate recovery revolving fund interest earnings based on:
- The average daily balance of moneys in the real estate recovery
revolving fund for the preceding month; and
- the net earnings rate of the pooled money investment portfolio
for the preceding month.
(History: L. 1980, ch. 164, § 33; L. 1981, ch. 304, § 2;
L. 1986, ch. 210, § 1; L. 1987, ch. 295, § 5; L. 1989, ch.
48, § 86; L. 1992, ch. 272, § 5; L. 1996, ch. 253, §
9; L. 2001, ch. 5, § 202; July 1.)