1. A. Any person 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 such person's judgment, which is actual or compensatory damages, or Fifteen Thousand Dollars ($15,000.00), whichever is less. For purposes of this subsection, attorney fees and costs shall not be considered as or included in actual or compensatory damages.
2. 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 thereupon be subrogated up to the amount actually paid by the fund to the claimant. 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.
3. C. Payments for claims arising out of the same transaction which constitutes a person'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.
4. D. Payments for claims based upon judgments against any one licensee shall not exceed in the aggregate Fifty Thousand Dollars ($50,000.00).
5. 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 the members of such 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, then such claims shall be paid as the money becomes available. Where there is more than one such claim outstanding, such claims shall be paid in the order that they were made.
6. 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.
7. G. The license of said licensee, upon the payment of any amount from the Oklahoma Real Estate Education and Recovery Fund for satisfaction of a judgment against a licensee, shall be automatically revoked. The license shall not be considered for reinstatement until such person 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 for satisfaction of the judgment against the person.

Laws 1977, SB 175, c. 182, § 9, emerg. eff. July 1, 1977; Amended by Laws 1988, HB 1996, c. 324, § 4, emerg. eff. July 1, 1988; Amended by Laws 1991, HB 1433, c. 43, § 12, eff. July 1, 1993; Amended by Laws 1997, HB 2007, c. 105, § 2, emerg. eff. July 1, 1997 (superseded document available); Amended by Laws 1998, HB 2563, c. 60, § 23, eff. January 1, 1999 (superseded document available).