{"data":{"id":"us-in/ic-25-6.1-8-2","jurisdiction":"us-in","citation":"IC 25-6.1-8-2","heading":"Surcharge; formula; assessment","body":"Sec. 2. (a) If the total amount in the auctioneer recovery fund (including principal and interest) is less than three hundred sixty thousand dollars ($360,000) on June 30 in an odd-numbered year after the payment of all claims and expenses, the auctioneer commission shall assess a surcharge according to the following formula in order to maintain the fund at an approximate level of four hundred thousand dollars ($400,000):\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 four hundred thousand dollars ($400,000).\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 auctioneer 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 auctioneer 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.","path":["TITLE 25. PROFESSIONS AND OCCUPATIONS","ARTICLE 6.1. AUCTIONEERS AND AUCTIONS","Chapter 8. Auctioneer Recovery Fund"],"source_url":"https://iga.in.gov/ic/2026/Title_25.html#25-6.1-8-2","current_through":"2026","vintage":"2026","retrieved_at":"2026-10-06T20:43:28Z","sha256":"6ceeeac26305d15881882c8781cb76131770f72508cf04c098207b62d3d9408a","source_id":"us-in","stale":false,"prev":"us-in/ic-25-6.1-8-1","next":"us-in/ic-25-6.1-8-2.1"},"notice":"GroundRules: Original legal text. Not legal advice."}