58-3067. Same; recovery from; limitations.
Payments from the real estate recovery revolving fund under the provisions
of this act shall be subject to the following conditions and limitations:
- Payments shall be made only pursuant to an order of a court
of competent jurisdiction, as provided in K.S.A. 58-3071 and amendments
thereto, and in the manner prescribed by this act.
- Payments for claims arising out of the same transaction shall
be limited in the aggregate to $15,000, irrespective of the number
of claimants or parcels of real estate involved in the transaction.
- Payments for claims based upon judgments against any one licensed
broker or salesperson shall not exceed in the aggregate $30,000 within
any calendar year, but in no event shall payments for claims based
upon judgments against any one licensed broker or salesperson exceed
in the aggregate $50,000.
- If, at any time, the moneys in the real estate recovery revolving
fund are insufficient to satisfy any valid claim, or portion thereof,
the director of the Commission shall satisfy such unpaid claim or
portion thereof, as soon as a sufficient amount of money has been
credited to the fund as provided in subsection (b) of K.S.A. 58-3066
and amendments thereto. If there is more than one such claim outstanding,
such claims shall be paid in the order that they were made. Any such
unsatisfied claim, or portion thereof, shall accrue interest at the
rate of 4% per annum.
(History: L. 1980, ch. 164, § 34; L. 1981, ch. 304, § 3;
L. 1986, ch. 210, § 2; July 1.)
