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17-42-404. Fees — Use of fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
17-42-404. Fees — Use of fund.
(a) The Arkansas Real Estate Commission shall set the fees at such amount as it deems necessary to initially establish the Real Estate Recovery Fund and to reestablish the fund at the beginning of each annual renewal period. However, the fees shall not exceed the limits set forth in § 17-42-405.
(b) The assets of the fund may be invested and reinvested as the commission may determine, with the advice of the State Board of Finance.
(c) Any amounts in the fund may be used by the commission for the following additional purposes:
(1)(A) To fund educational seminars and other forms of educational projects for the use and benefit generally of licensees.
(B) The production and distribution of informational literature of an educational nature shall qualify as educational projects;
(2) To fund real estate chairs or courses at various state institutions of higher education for the purpose of making such courses available to licensees and the general public;
(3) To fund research projects in the field of real estate; and
(4) To fund any and all other educational and research projects of a similar nature having to do with the advancement of the real estate field in Arkansas.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-42-404
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:17-42-404
Source file: gov.ar.code.title.17.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 38e2093e846c9653559d82de1243cc703740669699a5eb91546840642526f956
Source location: content.xml paragraph 15637
Stored source content
17-42-404. Fees — Use of fund.
(a) The Arkansas Real Estate Commission shall set the fees at such amount as it deems necessary to initially establish the Real Estate Recovery Fund and to reestablish the fund at the beginning of each annual renewal period. However, the fees shall not exceed the limits set forth in § 17-42-405.
(b) The assets of the fund may be invested and reinvested as the commission may determine, with the advice of the State Board of Finance.
(c) Any amounts in the fund may be used by the commission for the following additional purposes:
(1)(A) To fund educational seminars and other forms of educational projects for the use and benefit generally of licensees.
(B) The production and distribution of informational literature of an educational nature shall qualify as educational projects;
(2) To fund real estate chairs or courses at various state institutions of higher education for the purpose of making such courses available to licensees and the general public;
(3) To fund research projects in the field of real estate; and
(4) To fund any and all other educational and research projects of a similar nature having to do with the advancement of the real estate field in Arkansas.
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Arkansas Code — all titles (historical 2020) · legal_authorities
17-42-405. Additional fee.
(a) In addition to the other fees provided for in this chapter and rules of the Arkansas Real Estate Commission, each licensed real estate broker and salesperson shall pay to the commission for the benefit of the Real Estate Recovery Fund a fee as the commission may require, not to exceed the lesser of:
(1) Twenty-five dollars ($25.00) per annual renewal; or
(2) An amount sufficient to restore the fund balance to two hundred fifty thousand dollars ($250,000).
(b) Likewise, each person who becomes a licensee for the first time shall at that time pay to the commission for the benefit of the fund such fee as the commission may require, not to exceed twenty-five dollars ($25.00).
(c) No fees collected under the provisions of this subchapter may be expended from the fund except for the purposes set forth in this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-42-405
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 17-42-405. This identifies an authority to review, not proof of applicability.