Sec. 10. (a) If the commission is required to make any payment from the real estate recovery fund in settlement of a claim or toward the satisfaction of an order under this chapter, the commission shall suspend the judgment debtor's license and, if the judgment debtor is licensed under IC 25-34.1-3-4.1, the license of the individual designated broker, under this article. The licensee is not eligible to be licensed again as a broker until the licensee has repaid in full the amount paid from the real estate recovery fund with interest of twelve percent (12%) per annum.
(b) A license suspension issued under this section must be done in accordance with IC 4-21.5-3-6. The licensee may petition for review under IC 4-21.5-3-7.
As added by P.L.255-1987, SEC.6. Amended by P.L.127-2012, SEC.33; P.L.134-2013, SEC.21; P.L.134-2013, SEC.22.
Structure Indiana Code
Title 25. Professions and Occupations
Article 34.1. Real Estate Brokers and Salespersons
Chapter 7. Real Estate Recovery Fund
25-34.1-7-1. Establishment of Fund; Administration; Investments
25-34.1-7-2. Surcharge; Formula; Assessment; Application of Section
25-34.1-7-2.1. Reversion of Excess Funds
25-34.1-7-3. Interest on Investments; Payment of Expenses
25-34.1-7-6. Agent for Service of Process
25-34.1-7-7. Limitation of Actions; Notice of Commencement of Action
25-34.1-7-8. Commission as Defendant; Hearings; Orders Directing Payment
25-34.1-7-9. Payment of Claims
25-34.1-7-10. Suspension of Judgment Debtor's License; Repayment of Fund; Interest