There is created a special fund to be known as the "Vacation Time Sharing Recovery Fund", which must be maintained by the commission and funded as hereinafter provided for the payment of claims to persons injured by the acts of persons licensed under the provisions of this chapter.

In addition to the license fees required under the provisions of this chapter, every licensee shall pay an annual fee in such amount as the commission shall determine but in no event exceeding twenty-five dollars for the establishment of a vacation time sharing recovery fund. Such funds must be held and accumulated from year to year by the State Treasury in a special fund for the commission to be designated "South Carolina Vacation Time Sharing Recovery Fund". The fund must be a continuing fund not subject to fiscal year limitations and must be under the administrative direction of the commission. Expenditures from this fund must be made in accordance with the provisions of this chapter without legislative appropriation. Warrants for expenditures from the fund must be drawn by the Comptroller General pursuant to claims approved and signed by the commission.