{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-858-604","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-858-604","heading":"Application for payment - Amount - Assignment of","body":"rights, etc. - Insufficient funds - Revocation of licenses.\n\nA. Any claimant who meets all of the conditions prescribed by\n\nthis act may apply to the Commission for payment from the Oklahoma\n\nReal Estate Education and Recovery Fund, in an amount equal to the\n\nunsatisfied portion of the claimant’s judgment, which is actual or\n\ncompensatory damages, or Twenty-five Thousand Dollars ($25,000.00),\n\nwhichever is less. The claimant is entitled to reimbursement for\n\nattorney fees reasonably incurred in the litigation not to exceed\n\ntwenty-five percent (25%) of the claimant’s amount approved by the\n\nCommission. Attorney fees charged and received shall be documented,\n\nverified, and submitted with the claim. Court costs and other\n\nexpenses shall not be recoverable from the fund.\n\nB. Upon receipt by the claimant of the payment from the\n\nOklahoma Real Estate Education and Recovery Fund, the claimant\n\nassigns the claimant's right, title and interest in that portion of\n\nthe judgment to the Commission which shall be subrogated up to the\n\namount actually paid by the fund to the claimant or to the claimant\n\nand the claimant’s attorney. Upon suit to collect upon a judgment,\n\nthe claimant shall have priority over the fund. Any amount\n\nsubsequently recovered on the judgment by the Commission, to the\n\nextent of the Commission's right, title and interest therein, shall\n\nbe used to reimburse the Oklahoma Real Estate Education and Recovery\n\nFund.\n\nC. Payments for claims arising out of the same transaction\n\nwhich constitutes a claimant’s cause of action based upon a\n\nviolation of the Oklahoma Real Estate License Code shall be limited\n\nin the aggregate of Fifty Thousand Dollars ($50,000.00) irrespective\n\nof the number of claimants or parcels of real estate involved in the\n\ntransaction.\n\nD. Payments for claims based upon judgments against any one\n\nlicensee shall not exceed in the aggregate Fifty Thousand Dollars\n\n($50,000.00).\n\nE. If at any time the monies in the Oklahoma Real Estate\n\nEducation and Recovery Fund are insufficient to satisfy any valid\n\nclaim, or portion thereof, the Commission shall satisfy such unpaid\n\nclaim or portion thereof as soon as a sufficient amount of money has\n\nbeen deposited in the fund by collecting a special levy from\n\nmembers of the fund of an amount not to exceed Five Dollars ($5.00)\n\neach fiscal year. If the additional levy is not sufficient to pay\n\nall outstanding claims against the fund, the claims shall be paid as\n\nthe money becomes available. Where there is more than one claim\n\noutstanding, the claims shall be paid in the order that they were\n\napproved.\n\nF. Any claim against a corporation, association or partnership\n\nwould be imputed to the managing broker(s) at the time the cause of\n\naction arose.\n\nG. The license of said licensee shall be automatically revoked\n\nupon the payment of any amount from the Oklahoma Real Estate\n\nEducation and Recovery Fund on a judgment against a licensee. The\n\nlicense shall not be considered for reinstatement until the licensee\n\nhas repaid in full, plus interest at the rate of seven percent (7%)\n\na year, the amount paid from the Oklahoma Real Estate Education and\n\nRecovery Fund on the judgment against the licensee.","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":"cecfb77862cad1d9c49829a8b9551b23a24df425279be4440db6624697081667","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-858-603","next":"us-ok/okla.-stat.-tit.-59-59-858-605"},"notice":"GroundRules: Original legal text. Not legal advice."}