- (a) Each auctioneer shall pay to the Auctioneer’s Licensing Board, at the time of initial licensure and at each annual renewal, a recovery fund fee of one hundred dollars ($100), in addition to all other fees assessed.
(b)
- (1) Payment of this fee shall continue until such time as the Auctioneer Education and Recovery Fund shall reach one hundred eighty thousand dollars ($180,000).
- (2) All applicants for renewal and all new licensees shall pay one hundred dollars ($100) per year for a minimum of two (2) years and shall continue to pay until such time as the fund reaches one hundred eighty thousand dollars ($180,000).
- (c) At the time the fund balance falls to one hundred thousand dollars ($100,000), or below, each licensee shall pay a proportionate amount established by the board until such time as the fund shall be restored to one hundred eighty thousand dollars ($180,000).