§ 93A-16. Real Estate Recovery Fund created; payment to fund; management.
Article 2.
Real Estate RecoveryFund.
§ 93A‑16. Real EstateRecovery Fund created; payment to fund; management.
(a) There is herebycreated a special fund to be known as the "Real Estate Recovery Fund"which shall be set aside and maintained by the North Carolina Real EstateCommission. The fund shall be used in the manner provided under this Articlefor the payment of unsatisfied judgments where the aggrieved person hassuffered a direct monetary loss by reason of certain acts committed by any realestate salesperson licensed before April 1, 2006, or by any real estate broker.
(b) On September 1,1979, the Commission shall transfer the sum of one hundred thousand dollars($100,000) from its expense reserve fund to the Real Estate Recovery Fund.Thereafter, the Commission may transfer to the Real Estate Recovery Fundadditional sums of money from whatever funds the Commission may have, providedthat, if on December 31 of any year the amount remaining in the fund is lessthan fifty thousand dollars ($50,000), the Commission may determine that eachperson or entity licensed under this Chapter, when renewing a license, shallpay in addition to the license renewal fee, a fee not to exceed ten dollars($10.00) per broker and five dollars ($5.00) per salesperson as shall bedetermined by the Commission for the purpose of replenishing the fund.
(c) The Commissionshall invest and reinvest the monies in the Real Estate Recovery Fund in thesame manner as provided by law for the investment of funds by the clerk of superiorcourt. The proceeds from such investments shall be deposited to the credit ofthe fund.
(d) The Commissionshall have the authority to adopt reasonable rules and procedures notinconsistent with the provisions of this Article, to provide for the orderly,fair and efficient administration and payment of monies held in the Real EstateRecovery Fund. (1979,c. 614, s. 1; 1983, c. 81, ss. 1, 2; 1987, c. 516, ss. 3‑5.; 2000‑140,s. 19(b); 2001‑487, s. 23(c); 2005‑395, s. 13.)