{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-858-601","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-858-601","heading":"Creation - Status - Appropriation - Expenditures - Use","body":"of funds - Eligibility to recover.\n\nA. There is hereby created in the State Treasury a revolving\n\nfund for the Oklahoma Real Estate Commission to be designated\n\n\"Oklahoma Real Estate Education and Recovery Fund\". The fund shall\n\nconsist of monies received by the Oklahoma Real Estate Commission as\n\nfees assessed for the Oklahoma Real Estate Education and Recovery\n\nFund under the provisions of this act. The revolving fund shall be\n\na continuing fund not subject to fiscal year limitations and shall\n\nbe under the administrative direction of the Oklahoma Real Estate\n\nCommission. The Oklahoma Real Estate Commission may invest all or\n\npart of the monies of the fund in securities offered through the\n\n\"Oklahoma State Treasurer's Cash Management Program\". Any interest\n\nor dividends accruing from the securities and any monies generated\n\nat the time of redemption of the securities shall be deposited in\n\nthe Oklahoma Real Estate Education and Recovery Fund. All monies\n\naccruing to the credit of the fund are hereby appropriated and may\n\nbe budgeted and expended by the Oklahoma Real Estate Commission for\n\nthe purposes specified in Section 858-605 of this title.\n\nExpenditures from said fund shall be made pursuant to the laws of\n\nthis state and the statutes relating to the said Commission, and\n\nwithout legislative appropriation. Warrants for expenditures from\n\nsaid fund shall be drawn by the State Treasurer, based on claims\n\nsigned by an authorized employee or employees of the said Commission\n\nand approved for payment by the Director of the Office of Management\n\nand Enterprise Services.\n\nB. Monies in the fund shall be used to reimburse any claimant\n\nwho has been awarded a judgment, subject to subsection C of this\n\nsection, by a court of competent jurisdiction to have suffered\n\nmonetary damages by an Oklahoma real estate licensee in any\n\ntransaction for which a license is required under The Oklahoma Real\n\nEstate License Code because of an act constituting a violation of\n\nThe Oklahoma Real Estate License Code.\n\nC. In determining a claimant's eligibility to recover from the\n\nfund, the Commission may conduct an independent review of the\n\nmerits, findings and damages involved in the underlying action and\n\nmay conduct an evidentiary hearing to determine if a claim is\n\neligible for recovery from the fund and the amount of damages\n\nawarded are due an act constituting a violation of The Oklahoma Real\n\nEstate License Code.","path":["OK Code","Title 59"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os59.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"a8a46f0b840988868909cd899e386ddc4ed966bb1c0af936367f82dc7866b083","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-858-515.2","next":"us-ok/okla.-stat.-tit.-59-59-858-602"},"notice":"GroundRules: Original legal text. Not legal advice."}