WILLIAM DONALD SCHAEFER, Governor                   Ch. 563

(2) (I) THE STATE TREASURER MAY INVEST OR REINVEST
MONEY IN THE GUARANTY FUND IN THE SAME MANNER AS MONEY IN THE
STATE EMPLOYEES RETIREMENT AND PENSION SYSTEM.

(II) THE INVESTMENT EARNINGS SHALL BE:

1.  CREDITED TO THE GUARANTY FUND; AND

2.  AVAILABLE FOR THE SAME PURPOSES AS THE
MONEY DEPOSITED INTO THE GUARANTY FUND.

(C) REGULATIONS.

THE COMMISSION MAY ADOPT REGULATIONS FOR THE ADMINISTRATION
OF A GUARANTY FUND.

SUBCOMMITTEE COMMENT: This section is new language derived
without substantive change from former Art. 56, §
217A(h), the first sentence of (a)(1), as that
sentence related to establishing and maintaining a
Guaranty Fund, and the first sentence of (b).

In subsection (b)(2)(ii) of this section, the broad
reference to "investment earnings" is substituted for
the more limited former reference to "interest", for
clarity.

The former reference to "all times after July 1, 1971"
is deleted as obsolete.

Defined terms: "Commission" § 4-101
"Guaranty Fund" § 4-101

4-403. INITIAL FEE; ASSESSMENTS.

(A)  INITIAL FEE.

(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)  REGARDLESS OF HOW MANY TIMES AN INDIVIDUAL
APPLIES TO THE COMMISSION FOR A LICENSE UNDER THIS TITLE, THE
COMMISSION ONLY MAY CHARGE THE INDIVIDUAL ONCE FOR THE FEE
REQUIRED UNDER THIS SUBSECTION.

(B)  ASSESSMENTS.

IF THE AMOUNT IN THE GUARANTY FUND FALLS BELOW $250,000, THE
COMMISSION SHALL ASSESS EACH REAL ESTATE BROKER, EACH ASSOCIATE

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