A. The "real estate education and training fund" is created in the state treasury. The fund shall consist of an initial transfer of the balance in the real estate recovery fund as provided in Subsection C of this section; legislative appropriations to the fund; fees charged by the commission for approval of real estate education sponsors, courses and instructors; gifts, grants, donations and bequests to the fund; and income from investment of the fund. Money in the fund shall not revert to any other fund at the end of a fiscal year.
B. The fund shall be administered by the commission, and money in the fund is subject to appropriation by the legislature to the commission to improve real estate education and to train real estate instructors. The commission shall promulgate rules specifying the manner in which the fund shall be administered.
C. Notwithstanding the provisions of Sections 61-29-21 and 61-29-22 NMSA 1978, on July 1, 2005, the balance in excess of two hundred fifty thousand dollars ($250,000) in the real estate recovery fund shall be transferred to the real estate education and training fund.
History: Laws 2005, ch. 35, § 20.
Effective dates. — Laws 2005, ch. 35, § 21 makes the act effective January 1, 2006.
Structure New Mexico Statutes
Chapter 61 - Professional and Occupational Licenses
Article 29 - Real Estate Brokers and Salesmen
Section 61-29-1 - Prohibition.
Section 61-29-1.1 - Recompiled.
Section 61-29-2 - Definitions and exceptions.
Section 61-29-3 - Criminal offender's character evaluation.
Section 61-29-4 - Creation of commission; powers and duties.
Section 61-29-4.3 - Regulation and licensing department; administratively attached.
Section 61-29-5 - Organization of commission.
Section 61-29-5.1 - Recompiled.
Section 61-29-6 - Meeting of the commission.
Section 61-29-7 - Reimbursement and expenses.
Section 61-29-8 - License fees; disposition.
Section 61-29-9 - Qualifications for license.
Section 61-29-10 - Application for license and examination.
Section 61-29-10.1 - Brokerage relationships; creation.
Section 61-29-10.2 - Licensee's duties; disclosure.
Section 61-29-10.3 - Repealed.
Section 61-29-11 - Issuance, renewal and surrender of licenses.
Section 61-29-12 - Refusal, suspension or revocation of license for causes enumerated.
Section 61-29-13 - Provision for hearing before suspension or revocation of license.
Section 61-29-15 - Maintenance of list of licensees.
Section 61-29-16 - Suit by qualifying or associate broker.
Section 61-29-16.1 - Foreign brokers; consent to service; referral fees.
Section 61-29-16.2 - Nonresident licensees; consent to service.
Section 61-29-17 - Penalty; injunctive relief.
Section 61-29-17.1 - Recompiled.
Section 61-29-17.2 - Unlicensed activity; civil penalty; administrative costs.
Section 61-29-18 - Interpretation of act.
Section 61-29-19.1 - Real estate education and training fund created; purpose; appropriation.
Section 61-29-20 - Short title.
Section 61-29-21 - Fund created.
Section 61-29-22 - Additional fees.
Section 61-29-24 - Commission; compromise.
Section 61-29-25 - Commission finding.
Section 61-29-26 - Insufficient funds.