37-51-501. (Temporary) Real estate recovery account established -- minimum balance -- interest. (1) There is established in the state special revenue fund for the use of the board a real estate recovery account. The account is used to provide payment of claims based on unsatisfied judgments against persons licensed under the provisions of this chapter. The real estate recovery account is statutorily appropriated as provided in 17-7-502.
(2) The board shall maintain a minimum balance of $100,000 in the account. The board may in its discretion transfer any money in excess of that amount from the account to the state special revenue fund for the use of the board in accordance with the purposes provided in 37-51-204.
(3) Money earned on the investment of funds in the account must be credited to the account annually. (Repealed effective February 1, 2021--secs. 3, 7, Ch. 354, L. 2019.)
History: En. Sec. 3, Ch. 688, L. 1985.
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