Code Section Group

Business and Professions Code - BPC

DIVISION 4. REAL ESTATE [10000 - 11506]

  ( Division 4 added by Stats. 1943, Ch. 127. )

PART 3. LICENSING AND CERTIFICATION OF REAL ESTATE APPRAISERS [11300 - 11423]

  ( Part 3 added by Stats. 1990, Ch. 491, Sec. 1. )

CHAPTER 8. Real Estate Appraisers Regulation Fund [11410 - 11412]
  ( Chapter 8 added by Stats. 1990, Ch. 491, Sec. 1. )

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.

(Amended by Stats. 1997, Ch. 790, Sec. 8. Effective January 1, 1998.)

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.

(Amended by Stats. 1999, Ch. 974, Sec. 6. Effective January 1, 2000.)

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.

(Amended by Stats. 1999, Ch. 974, Sec. 7. Effective January 1, 2000.)

BPCBusiness and Professions Code - BPC