{"data":{"id":"us-ky/krs-324.410","jurisdiction":"us-ky","citation":"KRS 324.410","heading":"Purposes of fund.","body":"The purposes of the real estate education, research, and recovery fund shall be as follows:\n(1) If a licensee, acting in the capacity of a licensee, has been duly found guilty of fraud\nin the violation of one (1) or more of the provisions of KRS 324.160, a nd upon the\nconclusion of a final order entered by the commission, or by the courts, if appealed,\nthe commission may pay to the aggrieved person or persons an aggregate amount\nnot to exceed twenty thousand dollars ($20,000) per claimant with combined\npayments to all claimants against any one (1) licensee not to exceed fifty thousand\ndollars ($50,000), if the licensee has refused to pay the claim within a period of\ntwenty (20) days of entry of a final order and if the amount or amounts of money in\nquestion are certain and liquidated.\n(2) The commission shall maintain a minimum level of four hundred thousand dollars\n($400,000) for recovery and guaranty purposes. These funds may be invested and\nreinvested in the same manner as funds of the state employees' reti rement system\nand the interest from the investments shall be deposited to the credit of the real\nestate education, research, and recovery fund. Sufficient liquidity shall be\nmaintained so that there shall be money available to satisfy any and all claims which\nmay be processed through the commission through the means of formal\nadministrative hearing as outlined in this chapter.\n(3) The commission, in its discretion, may use any and all funds in excess of the four\nhundred thousand dollars ($400,000) level, re gardless of whether it is from the real\nestate education, research, and recovery fund fees or accrued interest thereon, for\nthe following purposes:\n(a) To carry out the advancement of education and research in the field of real\nestate for the benefit of th ose seeking a real estate license, and those licensed\nunder the provisions of this chapter and the improvement and making more\nefficient the real estate industry;\n(b) To underwrite educational seminars, caravans, and other forms of educational\nprojects for the use and benefit generally of real estate licensees;\n(c) To establish a real estate chair or courses at Kentucky state institutions of\nhigher learning for the purpose of making the courses available to licensees\nand the general public who may seek them on a college or university level;\n(d) To contract for a particular research project in the field of real estate for the\nCommonwealth of Kentucky;\n(e) To sponsor, contract for, and to underwrite other educational and research\nprojects of a similar nature h aving to do with the advancement of the real\nestate field in Kentucky;\n(f) To receive recommendations and to cooperate and work with the Kentucky\nAssociation of Realtors and other real estate groups for the enlightenment and\nadvancement of the real estate licensees of Kentucky; and\n(g) To augment the trust and agency account for purposes of addressing cash flow\nshortfalls, budget deficits, and for reimbursement of personnel, administrative,\noperational, and capital expenses incurred by the trust and agency account\npursuant to the purposes of the education, research, and recovery fund as\nprovided in this section, an amount not to exceed two hundred fifty thousand\ndollars ($250,000) annually.\n(4) Within one hundred twenty (120) days after the end of each fisca l year, the\ncommission shall make public, through its Web site or other public media, a\nstatement of income and expenses of the real estate education, research, and\nrecovery fund, the details of which are in accordance with state financial reporting\nrequirements.","path":["KRS Chapter 324"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=40516","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:19Z","sha256":"6f92d049a20d36b4e01f9cecf44b1ef7bf6e1bc9986c177acf27235f69ee44f1","source_id":"us-ky","stale":false,"prev":"us-ky/krs-324.400","next":"us-ky/krs-324.420"},"notice":"GroundRules: Original legal text. Not legal advice."}