HB 306: "An Act relating to the real estate surety fund."
00HOUSE BILL NO. 306 01 "An Act relating to the real estate surety fund." 02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 03 * Section 1. AS 08.88.450 is amended to read: 04 Sec. 08.88.450. Real estate surety fund. The real estate surety fund is 05 established in the general fund to carry out the purposes of AS 08.88.450 - 08.88.495 06 [AS 08.88.450 - 08.88.500]. The fund is composed of payments made by licensed real 07 estate brokers and salesmen under AS 08.88.455 and filing fees retained in accordance 08 with AS 08.88.460. The fund may not exceed $500,000 [AND AMOUNTS IN THE 09 FUND IN EXCESS OF $250,000 MAY BE APPROPRIATED FOR REAL ESTATE 10 EDUCATIONAL PURPOSES AS PROVIDED IN AS 08.88.091]. 11 * Sec. 2. AS 08.88.455(a) is amended to read: 12 (a) A licensed real estate broker, associate broker, or salesman when obtaining 13 or renewing a real estate license, in lieu of obtaining a corporate surety bond, shall pay 14 to the commission , in addition to the license fee, a surety fund fee not to exceed $125.
01 After the fund reaches $250,000 , the commission shall by regulation adjust the surety 02 fund fees so that, taking into account anticipated expenditures for claims against the 03 fund and for investigating and holding hearings relating to claims against the fund 04 [AND REAL ESTATE EDUCATIONAL PURPOSES], the fund is maintained at a 05 level not less than $250,000.