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- Alaska Statutes.
- Title 8. Business and Professions
- Chapter 88. Real Estate Brokers and Other Licensees
- Section 455. Payments By Real Estate Licensees.
previous: Section 450
. Real Estate Surety Fund.
next: Section 460
. Claim For Payment.
AS 08.88.455. Payments By Real Estate Licensees.
- (a) A real estate licensee, when applying for or renewing a real estate license, in lieu of obtaining a corporate surety
bond, shall pay to the commission in addition to the license fee, a surety fund fee not to exceed $125. After each
two-year licensing cycle, if the commission finds that the average balance in the surety fund during the two-year
licensing cycle was less than $250,000 or more than $500,000, the commission shall by regulation adjust the surety fund
fees so that the average balance of the surety fund during the next two-year licensing cycle is anticipated to be an
amount that is not less than $250,000 or more than $500,000. In this subsection, "average balance" means the average
balance after taking into account anticipated expenditures for claims against the fund, for hearing and legal expenses
directly related to fund operations and claims, and for real estate educational purposes.
- (b) All fees collected under this section shall be paid at least once a month by the department into the general fund.
These payments shall be credited to the real estate surety fund.
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