58-3066. Recovery revolving fund; assessment of fees to maintain balance; payments; interest.
58-3066
58-3066. Recovery revolving fund; assessment of fees to maintainbalance; payments; interest.(a) The real estate recovery revolving fund established within the statetreasury by K.S.A. 58-3023, and amendments thereto, is hereby continued inexistence. Such fund shall be used in the manner and for the purposeprovided by this act.
(b) At any time that the balance remaining in the real estaterecovery revolving fund is less than $100,000 the commission, withoutdelay, shall assess each licensed broker a fee of $10 and each licensedsalesperson a fee of $5. Such fees shall be deposited in the state treasuryand credited to the real estate recovery revolving fund. If alicensee does not pay the assessment within 30 days from the date notice ofassessment is mailed to the last residence address reported to thecommission by the licensee, the licensee's license may be suspended inaccordance with the Kansas administrative procedure act until theassessment is paid. A fee of $15 shall be paid by thelicensee to reinstate the suspended license. Fees paid to reinstatelicenses suspended under this section shall be remitted tothe state treasurer in accordance with the provisions of K.S.A. 75-4215, andamendments thereto. Upon receipt of each such remittance, the state treasurershall deposit the entire amount in the statetreasury to the credit of the state generalfund and the real estate feefund as provided by subsection (a) of K.S.A. 58-3074, and amendments thereto.
(c) All payments and disbursements from the real estate recoveryrevolving fund shall be made upon warrants of the director of accountsand reports issued pursuant to vouchers approved by the director of thecommission or by any person or persons designated by the commission.Amounts credited to the real estate recovery revolving fund underthis section shall not be subject to any limitation imposed by anyappropriation act of the legislature. All payments and disbursementsfrom the real estate recovery revolving fund shall be subject to postaudit in accordance with article 11 of chapter 46 of the Kansas StatutesAnnotated and any amendments thereto.
(d) On or before the 10th of each month, the director of accounts andreports shalltransfer from the state general fund to the real estate recovery revolvingfund interestearnings based on:
(1) The average daily balance of moneys in the real estate recoveryrevolving fund for thepreceding month; and
(2) the netearnings rate of the pooled money investment portfolio for the precedingmonth.
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.