Existing law requires certain administrative fines, fees, penalties and charges that are collected by the Real Estate Commission, the Commission of Appraisers of Real Estate and the Real Estate Division of the Department of Business and Industry to be deposited in the State General Fund. Under existing law, the Real Estate Division is required to charge and collect various fees for licenses, certificates, permits and registrations. (NRS 119.320, 119A.360, 645.830, 645C.450, 645C.680, 645D.240, 645H.530, 645H.540, 645H.560) Any money required for the support of the Division must be provided by direct legislative appropriation. (NRS 119.118, 645.140, 645C.240, 645D.140, 645H.350) Section 1 of this bill creates the Account for Real Estate Administration in the State General Fund to defray the costs and expenses of the Division in carrying out its duties. Section 1 also requires that: (1) the interest and income earned on the money in the Account must be credited to the Account; and (2) any money remaining in the Account at the end of a fiscal year does not revert to the State General Fund and must be carried forward to the next fiscal year. Sections 2, 5-8 and 10 of this bill require, with certain exceptions, that money collected by the Real Estate Commission, the Commission of Appraisers of Real Estate and the Division must be credited to the Account and used to defray the costs and expenses of the Division pursuant to section 1. Sections 3 and 9 of this bill make conforming changes relating to the deposit and authorized use of certain money received and collected by the Division. Existing law: (1) requires that a balance of not less than $300,000 be maintained in the Real Estate Education, Research and Recovery Fund to be used for satisfying claims against certain persons licensed by the Division; and (2) prescribes certain authorized uses for any balance over $300,000 remaining in the Fund at the end of any fiscal year. (NRS 645.842) Section 4 of this bill reduces from $300,000 to $100,000 the minimum balance that is required to be maintained in the Fund. Section 4 also requires the Real Estate Administrator of the Division to transfer any amount in excess of $100,000 at the end of each fiscal year to the Account for Real Estate Administration.

Statutes affected:
As Introduced: 645.140, 645.6058, 645.842, 645C.240, 645D.140, 645H.350, 119.118, 119.320
BDR: 645.140, 645.6058, 645.842, 645C.240, 645D.140, 645H.350, 119.118, 119.320