645.842 - Creation; use; balances; interest and income.
645.842 Creation; use; balances; interest and income.
1. The Real Estate Education, Research and Recovery Fund is hereby created as a special revenue fund.
2. A balance of not less than $300,000 must be maintained in the Fund, to be used for satisfying claims against persons licensed under this chapter, as provided in NRS 645.841 to 645.8494, inclusive. Any balance over $300,000 remaining in the Fund at the end of any fiscal year must be set aside and used by the Administrator, after approval of the Commission, for real estate education and research.
3. The interest and income earned on the money in the Fund, after deducting any applicable charges, must be credited to the Fund.
(Added to NRS by 1967, 1043; A 1973, 1763; 1979, 119; 1981, 1615; 2003, 1296; 2005, 665)