58-3066. Recovery revolving fund; assessment of fees to maintain balance; payments; interest. (a) The real estate recovery revolving fund established within the state treasury by K.S.A. 58-3023, and amendments thereto, is hereby continued in existence. Such fund shall be used in the manner and for the purpose provided by this act.
(b) At any time that the balance remaining in the real estate recovery revolving fund is less than $100,000 the commission, without delay, shall assess each licensed broker a fee of $10 and each licensed salesperson a fee of $5. Such fees shall be deposited in the state treasury and credited to the real estate recovery revolving fund. If a licensee does not pay the assessment within 30 days from the date notice of assessment is mailed to the last residence address reported to the commission by the licensee, the licensee's license may be suspended in accordance with the Kansas administrative procedure act until the assessment is paid. A fee of $15 shall be paid by the licensee to reinstate the suspended license. Fees paid to reinstate licenses suspended under this section shall be remitted to the state treasurer in accordance with the provisions of K.S.A. 75-4215, and amendments thereto. Upon receipt of each such remittance, the state treasurer shall deposit the entire amount in the state treasury to the credit of the state general fund and the real estate fee fund as provided by subsection (a) of K.S.A. 58-3074, and amendments thereto.
(c) All payments and disbursements from the real estate recovery revolving fund shall be made upon warrants of the director of accounts and reports issued pursuant to vouchers approved by the director of the commission or by any person or persons designated by the commission. Amounts credited to the real estate recovery revolving fund under this section shall not be subject to any limitation imposed by any appropriation act of the legislature. All payments and disbursements from the real estate recovery revolving fund shall be subject to post audit in accordance with article 11 of chapter 46 of the Kansas Statutes Annotated and any amendments thereto.
(d) On or before the 10th of each month, the director of accounts and reports shall transfer from the state general fund to the real estate recovery revolving fund interest earnings based on:
(1) The average daily balance of moneys in the real estate recovery revolving fund for the preceding month; and
(2) the net earnings rate of the pooled money investment portfolio for the preceding month.
History: L. 1980, ch. 164, § 33; L. 1981, ch. 304, § 2; L. 1986, ch. 210, § 1; L. 1987, ch. 295, § 5; L. 1989, ch. 48, § 86; L. 1992, ch. 272, § 5; L. 1996, ch. 253, § 9; L. 2001, ch. 5, § 202; July 1.
Structure Kansas Statutes
Chapter 58 - Personal And Real Property
Article 30 - Real Estate Brokers And Salespersons
58-3038 Licensure required for recovery of compensation for services; exceptions.
58-3039 Licensure; application; criminal history record check; qualifications; examination.
58-3041 Restricted or conditioned license.
58-3042 License nontransferable; only individuals licensed; primary office; supervising broker.
58-3044 Denial of license; hearing; incomplete applications.
58-3045 Expiration of license; renewal, fee; reinstatement and renewal of expired license, late fee.
58-3046a Licensure; educational requirements.
58-3046b Same; act supplemental to license act.
58-3048 Commission powers and duties.
58-3056 Costs of hearing; assessment; itemization.
58-3058 Appeal of commission orders.
58-3064 Injunction to enforce law.
58-3065 Penalties for violations; reporting of minor violations for prosecution not required.
58-3066 Recovery revolving fund; assessment of fees to maintain balance; payments; interest.
58-3067 Same; recovery from; limitations.
58-3068 Recovery revolving fund; use of moneys, limitations.
58-3069 Same; court order directing payment from, when; hearing; recovery limitation; attorney fees.
58-3070 Same; duties of commission in recovery actions; fees and expenses of counsel.
58-3071 Same; conditions on court order of directing payment.
58-3073 Same; unlawful acts; penalty.
58-3074 Disposition of moneys received by commission; real estate fee fund.
58-3077 Commercial real estate; sharing commissions with unlicensed persons, when authorized.
58-3078a Same; information regarding radon.
58-3079 Supervising broker; use of trade name.
58-3080 Licenses of certain licensees placed on inactive status, when, pending transactions.
58-3082 Suspended, deactivated or revoked license; effect on commissions.
58-3083 Expiration or deactivation of certain licenses; notifications required, when.
58-3085 Limitations on advertising, when.
58-3086 Advertising; prohibitions; requirements of; information disclosed; filing of agreements.
58-30,101 Title of act; compliance.
58-30,103 Written agency agreements; written transaction brokerage agreements.
58-30,104 Termination of relationships.
58-30,106 Minimum requirements of seller's or landlord's agent.
58-30,107 Minimum requirements of buyer's or tenant's agent.
58-30,110 Real estate brokerage relationships.
58-30,112 Forms; rules and regulations.
58-30,113 Transaction broker; obligations of; disclosure of information.