Section 17-403 - Initial fee; assessments. - Maryland Statutes

§ 17-403. Initial fee; assessments.
 

(a)  Initial fee.-  

(1) Subject to paragraph (2) of this subsection, before the Commission issues a real estate broker license, an associate real estate broker license, or a real estate salesperson license to any individual, the individual shall pay a fee of $20 to be credited to the Guaranty Fund. 

(2) Regardless of how many times an individual applies to the Commission for a license under this title, the Commission only may charge the individual once for the fee required under this subsection. 

(b)  Assessments.- If the amount in the Guaranty Fund falls below $250,000, the Commission shall assess each real estate broker, each associate real estate broker, and each real estate salesperson a fee in an amount that will return the Guaranty Fund to a level of at least $250,000. 
 

[An. Code 1957, art. 56A, § 4-403; 1989, ch. 3, § 1; 1994, ch. 3, § 13.]