58-3067. Same; recovery from; limitations.
58-3067
58-3067. Same; recovery from; limitations.Except as provided in subsection (d) of K.S.A. 58-3068, andamendments thereto, payments from the real estate recovery revolving fundunder the provisions of this act shall be subject to the following conditionsand limitations:
(a) Payments shall be made only pursuant to an order of a court ofcompetent jurisdiction, as provided in K.S.A. 58-3071 and amendments thereto,and in the manner prescribed by this act.
(b) Payments for claims arising out of the same transaction shall belimited in the aggregate to $15,000, irrespective of the number of claimants orparcels of real estate involved in the transaction.
(c) Payments for claims based upon judgments against any onelicensed broker or salesperson shall not exceed in the aggregate $30,000within any calendar year, but in no eventshall payments for claims based upon judgments against any one licensedbroker or salesperson exceed in the aggregate $50,000.
(d) If, at any time, the moneys in the real estate recoveryrevolving fund are insufficient to satisfy any valid claim, or portionthereof, the director of the commission shall satisfy such unpaid claimor portion thereof, as soon as a sufficient amount of money has been creditedto the fund as provided in subsection (b) of K.S.A.58-3066 and amendments thereto. If there is more than onesuch claim outstanding,such claims shall be paid in the order that they were made. Any suchunsatisfied claim, or portion thereof, shall accrue interest at the rateof 4% per annum.
History: L. 1980, ch. 164, § 34;L. 1981, ch. 304, § 3;L. 1986, ch. 210, § 2;L. 2008, ch. 155, § 7; July 1.