(a) Establishment.--There is hereby established in the General Fund a Motor Vehicle Transaction Recovery Fund.

(b) Assessments.--Every applicant for motor vehicle dealer registration plates or for the authority to act as an agent for the department with respect to vehicle titling and registration shall pay, in addition to any other license fees and bonds, an assessment of $60 to the fund.

(c) Use and maintenance of fund.--The assessments shall be used to establish and maintain the fund and shall be deposited into the State Treasury and credited to the fund. The fund shall be used solely to provide the Department of Transportation and the Department of Revenue with the money necessary to process documents relating to the titling and registration of vehicles as described in this chapter. The fund shall be invested and interest and dividends shall accrue to the fund.

(d) Minimum balance.--Whenever the balance of the fund falls below $500,000, the secretary may assess all members an additional assessment of up to $50 to bring the fund up to at least the $500,000 minimum. Not more than one additional assessment may be made against a member in any 12-month period.