HARRY HUGHES, Governor

3025

(I)  THE LICENSEE WAS AFFORDED NOTICE AND AN
OPPORTUNITY TO PARTICIPATE IN THE HEARING ON THE CLAIM BEFORE THE
COMMISSION; AND

(II)  THE COMMISSION'S ORDER HAS BECOME FINAL IN
ACCORDANCE WITH THE ADMINISTRATIVE PROCEDURE ACT.

(6) IF THE AMOUNT PAID FROM THE GUARANTY FUND, PLUS
INTEREST AT A RATE SET BY THE COMMISSION, BUT NOT LESS THAN 10%
PER YEAR, IS NOT REPAID BY THE LICENSEE ON WHOSE ACCOUNT A CLAIM
WAS PAID IN FULL WITHIN 30 DAYS AFTER BECOMING FINAL, THE
COMMISSION OR THE COMMISSION'S ASSIGNEE, THE STATE CENTRAL
COLLECTION UNIT, MAY BRING SUIT IN THE DISTRICT COURT A COURT OF
COMPETENT JURISDICTION FOR JUDGMENT AGAINST THE LICENSEE FOR THE
UNPAID AMOUNT. THE COMMISSION OR ITS ASSIGNEE SHALL BE ENTITLED
TO A JUDGMENT IN THE AMOUNT REMAINING UNPAID UPON A SHOWING THAT:

(I) A CLAIM WAS PAID OUT OF THE GUARANTY FUND
ON ACCOUNT OF THE DEFENDANT,

(II) THE COMMISSION'S ORDER HAS BECOME FINAL IN
ACCORDANCE WITH THE ADMINISTRATIVE PROCEDURE ACT AND THAT NO
APPEAL IS PENDING, AND

(III) THE FUND HAS NOT BEEN REIMBURSED IN WHOLE
OR PART.

(6) (7) A CLAIM UNDER THIS SECTION SHALL BE BROUGHT
WITHIN 3 YEARS AFTER THE PARTY DISCOVERS, OR BY EXERCISE OF
ORDINARY DILIGENCE SHOULD HAVE DISCOVERED, THE LOSS OR DAMAGE.

[(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 subsection (c).]

[(c)] (B) [Said] THE Commission shall, at all times after
July 1, 1971 maintain said real estate guaranty fund at a level
in excess of two hundred fifty thousand dollars and to this
intent all moneys received under subsection (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 subsection (b). If the fund falls below
the two hundred fifty thousand dollar level, the Commission shall
assess each real estate broker and real estate salesman a fee, in