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17-42-409. Subrogation — Suspension of license.
Arkansas Code — all titles (historical 2020) · legal_authorities
17-42-409. Subrogation — Suspension of license.
Upon the payment by the Arkansas Real Estate Commission of any amount of money under the provisions of § 17-42-406:
(1) The recipients of the payment, to the extent of the payment, shall assign to the commission all rights and claims that they may have against the licensee involved;
(2) The commission shall be subrogated to all of the rights of the recipients of the payment, to the extent of the payment; and
(3) In addition to any other disciplinary action taken against the licensee on the merits of the hearing, his or her license shall be immediately suspended until he or she has completely reimbursed the commission for the payment, plus interest at a rate to be determined by the commission. The rate shall not exceed ten percent (10%) per annum.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-42-409
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:17-42-409
Source file: gov.ar.code.title.17.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 29031312bc3dab3023ede6a9f57f18c2f88a140fc95beda974b864246439f6d2
Source location: content.xml paragraph 15707
Stored source content
17-42-409. Subrogation — Suspension of license.
Upon the payment by the Arkansas Real Estate Commission of any amount of money under the provisions of § 17-42-406:
(1) The recipients of the payment, to the extent of the payment, shall assign to the commission all rights and claims that they may have against the licensee involved;
(2) The commission shall be subrogated to all of the rights of the recipients of the payment, to the extent of the payment; and
(3) In addition to any other disciplinary action taken against the licensee on the merits of the hearing, his or her license shall be immediately suspended until he or she has completely reimbursed the commission for the payment, plus interest at a rate to be determined by the commission. The rate shall not exceed ten percent (10%) per annum.
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Arkansas Code — all titles (historical 2020) · legal_authorities
17-42-406. Disciplinary hearing — Procedure.
(a)(1) In any disciplinary hearing before the Arkansas Real Estate Commission which involves any licensee who has allegedly violated any provision of this chapter or commission rules, the commission shall first determine whether a violation has occurred.
(2) If so, the commission shall then determine the amount of damages, if any, suffered by the aggrieved party or parties. However, damages shall be limited to actual damages in accordance with § 17-42-407.
(3) The commission shall then direct the licensee to pay that amount to the aggrieved party or parties.
(4) If that amount has not been paid within thirty (30) days following entry of the commission's final order in the matter and the order has not been appealed to the circuit court, then the commission shall pay, upon request, from the Real Estate Recovery Fund to the aggrieved party or parties the amount specified. However, the commission shall not:
(A) Pay in excess of twenty-five thousand dollars ($25,000) for any one (1) violation or continuing series of violations, regardless of the number of licensees who participated in such a violation or continuing series of violations; or
(B) Pay an amount in excess of the fund balance.
(b) The question of whether or not certain violations constitute a continuing series of violations shall be a matter solely within the discretion and judgment of the commission.
(c) Nothing within this subchapter shall obligate the fund for any amount in excess of a total of seventy-five thousand dollars ($75,000) with respect to:
(1) The acts of any one (1) licensee; or
(2) Any group of related claims.
(d) Whether or not a claim is one (1) of a group of related claims shall be a matter solely within the discretion and judgme
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-42-406
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 17-42-406. This identifies an authority to review, not proof of applicability.