93A-22. Repayment to fund; automatic suspension of license.
Should the Commission pay from the Real Estate Education and Recovery Fund any amount in settlement of a claim or toward satisfaction of a judgment against a licensed real estate broker, any license issued to the broker shall be automatically suspended upon the effective date of the order authorizing payment from the fund. No such broker shall be granted a reinstatement until the fund has been repaid in full, including interest at the legal rate as provided for in G.S. 24-1. (1979, c. 614, s. 1; 1983, c. 81, s. 2; 1987, c. 516, s. 14.; 2000-140, s. 19(b); 2001-487, s. 23(f); 2005-395, s. 15; 2011-217, s. 15.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 93A - Real Estate License Law
Article 2 - Real Estate Recovery Fund.
§ 93A-16 - Real Estate Education and Recovery Fund created; payment to fund; management.
§ 93A-17 - Grounds for payment; notice and application to Commission.
§ 93A-18 - Hearing; required showing.
§ 93A-19 - Response and defense by Commission and judgment debtor; proof of conversion.
§ 93A-20 - Order directing payment out of fund; compromise of claims.
§ 93A-21 - Limitations; pro rata distribution; attorney fees.
§ 93A-22 - Repayment to fund; automatic suspension of license.
§ 93A-23 - Subrogation of rights.