SECTIONS 10450-10454 - California Statutes

BUSINESS AND PROFESSIONS CODE

SECTION 10450-10454

10450. All fees charged and collected under this part and under
Chapter 1 of Part 2, except as provided in this chapter, shall be
paid by the commissioner at least once a month, accompanied by a
detailed statement thereof, into the Treasury of the State to the
credit of the Real Estate Fund, which fund is continued in existence.

10450.6. There shall be separate accounts in the Real Estate Fund
for purposes of real estate education and research and for purposes
of recovery which shall be known respectively as the Education and
Research Account and the Recovery Account. The commissioner may, by
regulation, require that up to 8 percent, or any lesser amount that
he or she deems appropriate, of the amount of any license fee
collected under this part be credited to the Education and Research
Account. Twelve percent of the amount of any license fee collected
shall be credited to the Recovery Account, provided, however, that if
as of June 30 of any fiscal year the balance of funds in the
Recovery Account is at least three million five hundred thousand
dollars ($3,500,000), all funds in excess of this amount which have
been credited to the Recovery Account shall instead be credited to
the Real Estate Fund. As long as the balance of funds in the Recovery
Account exceeds three million five hundred thousand dollars
($3,500,000), all license fees collected, except for the percentage
of license fees credited to the Education and Research Account, shall
be credited to the Real Estate Fund. Funds in the Education and
Research Account shall be used by the commissioner in accordance with
Section 10451.5. The Recovery Account is a continuing appropriation
for carrying out Chapter 6.5 (commencing with Section 10470).
The amendments to this section made at the 1997-98 Regular Session
shall become operative July 1, 2000.

10451. All money paid into the State Treasury and credited to the
Real Estate Fund is hereby appropriated to be used by the
commissioner in carrying out the provisions of this part and Chapter
1 of Part 2, including the payment of the salaries of the
commissioner and his deputies, clerks and assistants. The money
credited to the fund shall remain therein.

10451.5. (a) All money paid into the State Treasury and credited to
the Education and Research Account in the Real Estate Fund pursuant
to Section 10450.6 is available for appropriation by the Legislature
to be used by the commissioner in carrying out the provisions of this
part and Chapter 1 (commencing with Section 11000) of Part 2, in the
advancement of education and research in real estate at the
University of California, state colleges and community colleges, or
in contracting for a particular research project in the field of real
estate for the state with any university in the State of California
accredited by the Western Association of Schools and Colleges, or
with any corporation or association qualified to perform such
research.
(b) If the balance in the Education and Research Account is more
than four hundred thousand dollars ($400,000), the Real Estate
Commissioner may authorize the transfer of all or part of such
surplus amount to the Real Estate Fund and may authorize the return
to the Education and Research Account of all or part of any amount
previously transferred to the Real Estate Fund.
(c) Notwithstanding the provisions of subdivision (b), if at any
time the amount of funds credited to the Real Estate Fund, including
any amounts credited to the separate accounts for Education and
Research and Recovery, is less than 25 percent of the department's
authorized expenditures for the following fiscal year, the
commissioner may transfer any or all of the funds credited to the
Education and Research Account to the Real Estate Fund. The
commissioner may authorize the return to the Education and Research
Account of all or part of any amount previously transferred to the
Real Estate Fund.

10452. The Controller shall draw his warrant on the respective
funds from time to time in favor of the commissioner for the amounts
expended under his direction, and the Treasurer shall pay the same.

10453. All of the expenditures of the commissioner, including his
salary, shall be paid only from the Real Estate Fund except as
otherwise provided in this chapter.

10454. The commissioner may, with the consent of the Department of
Finance, withdraw from the Real Estate Fund moneys to be used as a
revolving fund where cash advances are necessary. The commissioner
shall account for the sum withdrawn from the revolving fund at any
time upon demand of the Department of Finance.