61-2f-503 - Education, Research, and Recovery Fund. - Utah Statutes

61-2f-503. Education, Research, and Recovery Fund.
(1) (a) There is created a restricted special revenue fund known as the "Real EstateEducation, Research, and Recovery Fund."
(b) The actual interest earned on the fund shall be deposited into the fund.
(2) The money in the fund includes:
(a) a fee imposed under Section 61-2f-505; and
(b) interest described in Subsection (1)(b).
(3) The division shall administer the fund to:
(a) reimburse the public for damages caused in a real estate transaction by an individuallicensed under this chapter; and
(b) in accordance with Section 61-2f-504:
(i) investigate violations of this chapter related to fraud, misrepresentation, or deceit; or
(ii) provide revenue for improving the real estate profession through education andresearch with the goal of making licensees more responsible to the public.
(4) This part applies to damages caused by an individual licensee. Reimbursement maynot be made for a final judgment against an entity.
(5) At the beginning of each fiscal year, the division shall make available $100,000 in thefund to satisfy final judgments rendered against a person licensed under this chapter.

Renumbered and Amended by Chapter 379, 2010 General Session