§ 59-858-604 — Application for payment - Amount - Assignment of

Oklahoma § 59-858-604

• Jurisdiction: Oklahoma
• Title 59: Professions And Occupations

Text

rights, etc. - Insufficient funds - Revocation of licenses. A. Any claimant who meets all of the conditions prescribed by this act may apply to the Commission for payment from the Oklahoma Real Estate Education and Recovery Fund, in an amount equal to the unsatisfied portion of the claimant’s judgment, which is actual or compensatory damages, or Twenty-five Thousand Dollars ($25,000.00), whichever is less. The claimant is entitled to reimbursement for attorney fees reasonably incurred in the litigation not to exceed twenty-five percent (25%) of the claimant’s amount approved by the Commission. Attorney fees charged and received shall be documented, verified, and submitted with the claim. Court costs and other expenses shall not be recoverable from the fund. B. Upon receipt by the claimant of the payment from the Oklahoma Real Estate Education and Recovery Fund, the claimant assigns the claimant's right, title and interest in that portion of the judgment to the Commission which shall be subrogated up to the amount actually paid by the fund to the claimant or to the claimant and the claimant’s attorney. Upon suit to collect upon a judgment, the claimant shall have priority over the fund. Any amount subsequently recovered on the judgment by the Commission, to the extent of the Commission's right, title and interest therein, shall be used to reimburse the Oklahoma Real Estate Education and Recovery Fund. C. Payments for claims arising out of the same transaction which constitutes a claimant’s cause of action based upon a violation of the Oklahoma Real Estate License Code shall be limited in the aggregate of Fifty Thousand Dollars ($50,000.00) irrespective of the number of claimants or parcels of real estate involved in the transaction. D. Payments for claims based upon judgments against any one licensee shall not exceed in the aggregate Fifty Thousand Dollars ($50,000.00). E. If at any time the monies in the Oklahoma Real Estate Education and Recovery Fund are insufficient to satisfy any valid claim, or portion thereof, the Commission shall satisfy such unpaid claim or portion thereof as soon as a sufficient amount of money has been deposited in the fund by collecting a special levy from members of the fund of an amount not to exceed Five Dollars ($5.00) each fiscal year. If the additional levy is not sufficient to pay all outstanding claims against the fund, the claims shall be paid as the money becomes available. Where there is more than one claim outstanding, the claims shall be paid in the order that they were approved. F. Any claim against a corporation, association or partnership would be imputed to the managing broker(s) at the time the cause of action arose. G. The license of said licensee shall be automatically revoked upon the payment of any amount from the Oklahoma Real Estate Education and Recovery Fund on a judgment against a licensee. The license shall not be considered for reinstatement until the licensee has repaid in full, plus interest at the rate of seven percent (7%) a year, the amount paid from the Oklahoma Real Estate Education and Recovery Fund on the judgment against the licensee.

Legislative History

Added by Laws 1977, c. 182, § 9, eff. July 1, 1977. Amended by Laws 1988, c. 324, § 5, operative July 1, 1988; Laws 1991, c. 43, § 12, eff. July 1, 1993; Laws 1997, c. 105, § 2, eff. July 1, 1997; Laws 1998, c. 60, § 23, eff. Jan. 1, 1999; Laws 2005, c. 85, § 4, eff. Nov. 1, 2005.