§ 11412. — 11412. (Amended by Stats. 2025, Ch. 786, Sec. 35.)

California § 11412.

• Jurisdiction: California
• Code BPC: Business and Professions Code - BPC
• Div. 4.: DIVISION 4. REAL ESTATE
• Part 3.: PART 3. LICENSING AND CERTIFICATION OF REAL ESTATE APPRAISERS
• Ch. 8.: CHAPTER 8. Real Estate Appraisers Regulation Fund

Text

(a)
On or before January 1, 2002, the director shall determine the number of complaint cases containing judicial findings of fraud that may be eligible for recovery. This information shall be used by the director to determine whether a real estate appraiser Recovery Account is necessary or whether to recommend that it should be eliminated.
(b)
The statute of limitations for claims against the fund arising between the effective date of this part and the creation of the fund shall be tolled until the date the fund is created.
(c)
On and after July 1, 2026, the bureau shall do both of the following:
(1)
Post information on its internet website about the Recovery Account, including eligibility requirements and the application process.
(2)
Upon receipt of a complaint by a licensee or a member of the public, provide a notification to the complainant that includes information regarding eligibility requirements and the application process.
(d)
On or before January 1, 2028, and annually
thereafter, the bureau shall submit to the Legislature a report in compliance with Section 9795 of the Government Code that includes, for the prior fiscal year, the balance of the Recovery Account, the number of applicants who applied for payment from the Recovery Account, the number of applicants whose claims were approved, and the total payments made from the Recovery Account.

Legislative History

Amended by Stats. 2025, Ch. 786, Sec. 35. (SB 774) Effective January 1, 2026. Repealed as of January 1, 2030, pursuant to Section 11420.