{"data":{"id":"us-in/ic-25-34.1-7-2","jurisdiction":"us-in","citation":"IC 25-34.1-7-2","heading":"Surcharge; formula; assessment; application of section","body":"Sec. 2. (a) If the total amount in the real estate recovery fund (including principal and interest) is less than four hundred fifty thousand dollars ($450,000) on June 30 in an odd-numbered year after the payment of all claims and expenses, the real estate commission shall assess a surcharge according to the following formula in order to maintain the fund at an approximate level of six hundred thousand dollars ($600,000):\nSTEP ONE: Determine the amount remaining in the fund on June 30 of the current year after all expenses and claims have been paid.\nSTEP TWO: Subtract the amount determined under STEP ONE from six hundred thousand dollars ($600,000).\nSTEP THREE: Determine the number of licensees who had licenses in effect on June 30 of the current year.\nSTEP FOUR: Divide the number determined under STEP TWO by the number determined under STEP THREE.\n(b) The real estate commission shall assess the surcharge described in subsection (a) against each licensee who:\n(1) receives an initial license; or\n(2) receives a renewal license.\n(c) The real estate commission shall assess the surcharge described in subsection (a) for the two (2) year period beginning on July 1 of the current year through June 30 of the next odd-numbered year.\n(d) The surcharge assessed under this section is in addition to any other fee under this article.\n(e) This section does not apply to a person who:\n(1) receives an initial license or certificate; or\n(2) receives a renewal license or certificate;\nunder the real estate appraiser licensure and certification program established under IC 25-34.1-3-8.","path":["TITLE 25. PROFESSIONS AND OCCUPATIONS","ARTICLE 34.1. REAL ESTATE BROKERS AND SALESPERSONS","Chapter 7. Real Estate Recovery Fund"],"source_url":"https://iga.in.gov/ic/2026/Title_25.html#25-34.1-7-2","current_through":"2026","vintage":"2026","retrieved_at":"2026-10-06T20:43:28Z","sha256":"771c34971e80159f42746df49826f77da7e9e32645494fe4a35e076021a5e5fa","source_id":"us-in","stale":false,"prev":"us-in/ic-25-34.1-7-1","next":"us-in/ic-25-34.1-7-2.1"},"notice":"GroundRules: Original legal text. Not legal advice."}