Indiana § 25-6.1-8-2 Surcharge; formula; assessment

Indiana Statutes

§ 25-6.1-8-2 — Surcharge; formula; assessment

Indiana § 25-6.1-8-2

Title 25PROFESSIONS AND OCCUPATIONS

Art. 6.1AUCTIONEERS AND AUCTIONS

Ch. 8Auctioneer Recovery Fund

This text of Indiana § 25-6.1-8-2 (Surcharge; formula; assessment) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 25-6.1-8-2 (2026).

Text

(a)If the total amount in the auctioneer recovery fund (including principal and interest) is less than three hundred sixty thousand dollars ($360,000) on June 30 in an odd-numbered year after the payment of all claims and expenses, the auctioneer 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: Subtract the amount determined under STEP ONE from four hundred thousand dollars ($400,000). STEP THREE: Determine the number of licensees who had licenses in effect on June 30 of the current year. STEP FOUR: Divide the number determined unde

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(a) If the total amount in the auctioneer
recovery fund (including principal and interest) is less than three
hundred sixty thousand dollars ($360,000) on June 30 in an
odd-numbered year after the payment of all claims and expenses, the
auctioneer 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: Subtract the amount determined under STEP ONE
from four hundred thousand dollars ($400,000).
STEP THREE: Determine the number of licensees who had
licenses in effect on June 30 of the current year.
STEP FOUR: Divide the number determined under STEP TWO
by the number determined under STEP THREE.
(b) The auctioneer commission shall assess the surcharge described
in subsection (a) against each licensee who:
(1) receives an initial license; or
(2) receives a renewal license.
(c) The auctioneer 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.