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§ 17-403. Fees and assessments

West's Annotated Code of MarylandBusiness Occupations and ProfessionsEffective: March 27, 2019

West's Annotated Code of Maryland
Business Occupations and Professions
Title 17. Real Estate Brokers (Refs & Annos)
Subtitle 4. Real Estate Guaranty Fund (Refs & Annos)
Effective: March 27, 2019
MD Code, Business Occupations & Professions, § 17-403
§ 17-403. Fees and assessments
Currentness
In general
(a)(1) Subject to paragraph (2) of this subsection, before the Commission issues a real estate broker license, an associate real estate broker license, or a real estate salesperson license to any individual, the individual shall pay a fee of $20 to be credited to the Guaranty Fund.
(2) Regardless of how many times an individual applies to the Commission for a license under this title, the Commission may charge the individual only once for the fee required under this subsection.
Transfer to the Guaranty Fund
(b) If the amount in the Guaranty Fund falls below $300,000, and the Commission is projected to have an operating surplus of at least $500,000 in the current fiscal year, the Commission may transfer up to $500,000 to the Guaranty Fund from the State Real Estate Commission Fund established under § 2-106.3 of the Business Regulation Article.
Balance of Guaranty Fund
(c) If the amount in the Guaranty Fund falls below $250,000, the Commission shall assess each real estate broker, each associate real estate broker, and each real estate salesperson a fee in an amount that will return the Guaranty Fund to a level of at least $250,000.

Credits

Added by Acts 1989, c. 3, § 1, eff. Oct. 1, 1989. Renumbered from Business Occupations and Professions § 16-403 by Acts 1994, c. 3, § 13, eff. Feb. 28, 1994. Amended by Acts 2018, c. 75, § 1, eff. Oct. 1, 2018; Acts. 2018, c. 76, § 1, eff. Oct. 1, 2018; Acts 2019, c. 8, § 1, eff. March 27, 2019.
Formerly Art. 56A, § 4-403.
MD Code, Business Occupations & Professions, § 17-403, MD BUS OCCUP & PROF § 17-403
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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