SECTIONS 11410-11412 - California Statutes

BUSINESS AND PROFESSIONS CODE

SECTION 11410-11412

11410. The Real Estate Appraisers Regulation Fund is hereby created
in the State Treasury to consist of moneys raised by fees and
assessments imposed pursuant to this part. Interest shall be paid at
the pooled money investment rate on all money transferred to the
General Fund from the Real Estate Appraisers Regulation Fund,
notwithstanding the provisions of Section 16310 of the Government
Code.

11411. There shall be separate accounts in the Real Estate
Appraisers Regulation Fund for purposes of administration and for
purposes of recovery. These accounts shall be known respectively as
the Administration Account and the Recovery Account. On and after
January 1, 2003, 5 percent of the amount of any license or
certificate fee collected under this part shall be credited to the
Recovery Account. The Recovery Account is a continuing appropriation
for carrying out this chapter.

11412. (a) On or before January 1, 2002, the director shall
determine the number of complaint cases containing judicial findings
of fraud that may be eligible for recovery pursuant to future
regulations that are closely analogous to those which have been
adopted for the Real Estate Recovery Fund established in Chapter 6.5
(commencing with Section 10470) of Part 1. This information shall be
used by the director to determine whether a real estate appraiser
Recovery Account is necessary or whether to recommend that it should
be eliminated.
(b) On or before January 1, 2004, regulations shall be adopted for
administration of the Recovery Account, which shall include claims,
funding, and administrative procedures closely analogous to those
which have been adopted for the Real Estate Recovery Fund established
in Chapter 6.5 (commencing with Section 10470) of Part 1.
(c) The statute of limitations for claims against the fund arising
between the effective date of this part and the creation of the fund
shall be tolled until the date the fund is created.