1362                             Laws of Maryland                      [Ch. 648

pored by the Commission, and every applicant for a real estate
broker's or salesman's license shall be at least twenty-one years of
age [; and provided further that every licensed real estate broker
shall provide a corporate bond in the sum of $10,000 and every
licensed real estate salesman shall provide a corporate bond in the
sum of $1,000.00 for the use and benefit of the public who may suffer
or sustain any loss by reason of a violation of this subtitle by such
brokers or salesmen. The license of any licensee under this subtitle
who fails to file with the Commission acceptable evidence that his,
her or its bond as required by this subtitle has been extended prior
to the date of the expiration of such bond shall stand automatically
suspended; and the Commission shall immediately notify such licen-
see of such suspension].

217A.

(a)  The Maryland real estate commission is authorized and di-
rected to establish and maintain a real estate guaranty fund from,
which, subject to the provisions of this act, any person aggrieved
by any action of a real estate broker or real estate salesman, duly
licensed in this state, by reason of the embezzlement of money or
property, or money or property unlawfully obtained from any per-
son by false pretenses, artifice, trickery or forgery or by reason of
any fraud, misrepresentation or deceit by or on the part of any
such real estate broker or real estate salesman or the unlicensed
employee of any such real estate broker, OR BY REASON OF A
VIOLATION OF THIS SUBTITLE BY SUCH BROKER, SALES-
MAN, OR EMPLOYEE may recover, on order of the court, com-
pensation in an amount not exceeding in the aggregate the sum of
ten thousand dollars in connection with any one transaction or claim,
regardless of the number of persons aggrieved or parcels of real
estate involved in such transaction or claim. COMPENSATION IN
THE AMOUNT OF HIS CLAIM AS PROVEN BEFORE THE
COMMISSION.

(b)  Each real estate broker and real estate salesman entitled to
renew his license shall, when so renewing his license on or after
July 1, 1971, pay in addition to the appropriate license fee a further
fee of twenty dollars which shall be credited to the real estate
guaranty fund, and any person who receives a real estate broker's
or real estate salesman's license for the first time shall pay said
additional fee of twenty dollars in addition to all other fees payable,
provided in no case shall any real estate broker or salesman be
required to pay said fee of twenty dollars more than once. , UNLESS
ASSESSED AS PROVIDED IN SECTION (C).

(c)  Said commission shall, at all times after July 1, 1971 main-
tain said real estate guaranty fund at a level in excess of two hun-
dred fifty thousand dollars and to this intent all moneys received
under section (b) hereof shall be credited to said guaranty fund
and any such moneys may be invested or reinvested in the same
manner as funds of the state employees retirement system, and the
interest arising from such investments shall be credited to said
guaranty fund, and shall be available for the same purposes as all
other moneys deposited in said guaranty fund under section (b). IF
THE FUND FALLS BELOW THE TWO HUNDRED FIFTY
THOUSAND DOLLARS LEVEL, THE COMMISSION SHALL
ASSESS EACH REAL ESTATE BROKER AND REAL ESTATE