1. (a)

   1. (1) Subject to paragraph (2) of this subsection, before the Commission issues a real estate broker license, an associate real estate broker license, or a real estate salesperson license to any individual, the individual shall pay a fee of $20 to be credited to the Guaranty Fund.
   2. (2) Regardless of how many times an individual applies to the Commission for a license under this title, the Commission may charge the individual only once for the fee required under this subsection.
2. (b) If the amount in the Guaranty Fund falls below $300,000, and the Commission is projected to have an operating surplus of at least $500,000 in the current fiscal year, the Commission may transfer up to $500,000 to the Guaranty Fund from the State Real Estate Commission Fund established under § 2-106.3 of the Business Regulation Article.
3. (c) If the amount in the Guaranty Fund falls below $250,000, the Commission shall assess each real estate broker, each associate real estate broker, and each real estate salesperson a fee in an amount that will return the Guaranty Fund to a level of at least $250,000.

Added by Acts 1989, c. 3, § 1, eff. Oct. 1, 1989. Renumbered from Business Occupations and Professions § 16-403 by Acts 1994, c. 3, § 13, eff. Feb. 28, 1994. Amended by Acts 2018, c. 75, § 1, eff. Oct. 1, 2018; Acts. 2018, c. 76, § 1, eff. Oct. 1, 2018; Acts 2019, c. 8, § 1, eff. March 27, 2019.

Formerly Art. 56A, § 4-403.