§ 25-28.5-2-2 — Surcharge; formula; assessments

Indiana § 25-28.5-2-2

• Jurisdiction: Indiana
• Title 25: PROFESSIONS AND OCCUPATIONS
• Art. 28.5: PLUMBERS
• Ch. 2: Plumbers Recovery Fund

Text

(a) If the total amount in the plumbers
recovery fund (including principal and interest) plus estimated
revenues from the fee assessed under section 2.1 of this chapter from
July 1 of the current year through June 30 of the next year will be less
than three hundred thirty thousand dollars ($330,000) on June 30 in an
odd-numbered year after the payment of all claims and expenses, the
plumbing commission shall assess a surcharge according to the
following formula in order to maintain the fund at an approximate level
of four hundred thousand dollars ($400,000):
STEP ONE: Determine the amount remaining in the fund on June
30 of the current year after all expenses and claims have been
paid.
STEP TWO: Add to the amount determined under STEP ONE the
amount of revenue estimated from the fee assessed under section
2.1 of this chapter from July 1 of the current year through June 30
of the next year.
STEP THREE: Subtract the amount determined under STEP
TWO from four hundred thousand dollars ($400,000).
STEP FOUR: Determine the number of plumbing contractors who
had licenses in effect on June 30 of the current year.
STEP FIVE: Divide the number determined under STEP THREE
by the number determined under STEP FOUR.
(b) The plumbing commission shall assess the surcharge described
in subsection (a) against each plumbing contractor who:
(1) receives an initial license; or
(2) receives a renewal license.
(c) The plumbing commission shall assess the surcharge described
in subsection (a) for the two (2) year period beginning on July 1 of the
current year through June 30 of the next odd-numbered year.
(d) The surcharge assessed under this section is in addition to any
other fee under this article.

Legislative History

As added by P.L.260-1987, SEC.1. Amended by P.L.143-1990, SEC.6.