§ 17-42-406 — Disciplinary hearing - Procedure

(a) (1) In any disciplinary hearing before the Arkansas Real Estate Commission which involves any licensee who has allegedly violated any provision of this chapter or commission rules, the commission shall first determine whether a violation has occurred. (2) If so, the commission shall then determine the amount of damages, if any, suffered by the aggrieved party or parties. However, damages shall be limited to actual damages in accordance with § 17-42-407 . (3) The commission shall then direct the licensee to pay that amount to the aggrieved party or parties. (4) If that amount has not been paid within thirty (30) days following entry of the commission's final order in the matter and the order has not been appealed to the circuit court, then the commission shall pay, upon request, from the Real Estate Recovery Fund to the aggrieved party or parties the amount specified. However, the commission shall not: (A) Pay in excess of twenty-five thousand dollars ($25,000) for any one (1) violation or continuing series of violations, regardless of the number of licensees who participated in such a violation or continuing series of violations; or (B) Pay an amount in excess of the fund balance. (b) The question of whether or not certain violations constitute a continuing series of violations shall be a matter solely within the discretion and judgment of the commission. (c) Nothing within this subchapter shall obligate the fund for any amount in excess of a total of seventy-five thousand dollars ($75,000) with respect to: (1) The acts of any one (1) licensee; or (2) Any group of related claims. (d) Whether or not a claim is one (1) of a group of related claims shall be a matter solely within the discretion and judgment of the commission. (e) When unsatisfied or pending claims are such that they exceed the limits payable under subsection (c) of this section, the commission shall be the sole determinant of how the available funds shall be allocated among such claims.

Legislative History

Amended by Act 2019, No. 315,§ 1467, eff. 7/24/2019. Acts 1993, No. 690, § 22; 1997, No. 781, § 1; 2007, No. 263, §§ 9, 10.