reglab/housing_qa huggingface dataset:
IN Code § 25-34.1-7-4 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 7. Real Estate Recovery Fund|25-34.1-7-4. Applications for Order Directing Payment Out of Fund; Amount of Loss; Limitation on Recovery

Sec. 4. (a) If any aggrieved person obtains a final judgment in any court against a licensee to recover damages for any act of:(1) embezzlement of money or property; or(2) unlawfully obtaining money or property by false pretenses, use of a device, trickery, or forgery;that results in an actual cash loss to the aggrieved person (as opposed to loss in market value), the person may, upon termination of all proceedings including appeals and proceedings supplemental to judgment for collection purposes, file a verified application with the commission for an order directing payment out of the real estate recovery fund of the amount of actual and direct loss in the transaction that remains unpaid upon the judgment. The amount of actual and direct loss may include court costs but may not include attorney's fees or punitive damages awarded. The amount that may be paid from the real estate recovery fund may not exceed twenty thousand dollars ($20,000) per judgment and an aggregate lifetime limit of fifty thousand dollars ($50,000) with respect to any one (1) licensee.(b) This section applies only to a final judgment that awards damages for an act by the licensee described in subsections (a)(1) through (a)(2) that arises directly out of any transaction:(1) that occurred when the licensee was licensed;(2) for which a license was required under IC 25-34.1; and(3) that occurred after December 31, 1987.As added by P.L.255-1987, SEC.6. Amended by P.L.134-2013, SEC.17.
IN Code § 25-34.1-7-5 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 7. Real Estate Recovery Fund|25-34.1-7-5. Claims Against Single Licensee in Excess of Dollar Limitation; Distribution; Joinder of Claims; Payment; Insufficient Funds

Sec. 5. (a) If the payment in full of two (2) or more pending valid claims that have been filed by aggrieved persons against a single licensee would exceed the fifty thousand dollar ($50,000) limit set forth in section 4 of this chapter, the fifty thousand dollars ($50,000) shall be distributed among the aggrieved persons in the ratio that their respective claims bear to the aggregate of all valid claims or in any other manner that the commission may determine equitable. This money shall be distributed among the persons entitled to share in it without regard to the order of priority in which their respective judgments have been obtained or their claims have been filed.(b) The commission shall consider pending applications filed by all claimants and prospective claimants against one (1) licensee jointly to the end that the respective rights of all the claimants to the commission may be equitably adjudicated and settled.(c) On June 30 and December 31 of each year, the real estate commission shall identify each claim that the commission orders to be paid during the six (6) month period that ended on that day. The commission shall pay the part of each claim that is so identified within fifteen (15) days after the end of the six (6) month period in which the claim is ordered paid. However, if the balance in the fund is insufficient to pay the full payable amount of each claim that is ordered to be paid during a six (6) month period, the commission shall pay a prorated portion of each claim that is ordered to be paid during the period. Any part of the payable amount of a claim left unpaid due to the prorating of payments under this subsection must be paid (subject to the fifty thousand dollar ($50,000) limit described in section 4 of this chapter) before the payment of claims ordered to be paid during the following six (6) month period.As added by P.L.255-1987, SEC.6. Amended by P.L.134-2013, SEC.18.
IN Code § 25-34.1-7-6 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 7. Real Estate Recovery Fund|25-34.1-7-6. Agent for Service of Process

Sec. 6. Any broker who is licensed or renews a license under this article after December 31, 1987, and upon whom personal service cannot be made with reasonable diligence shall be considered to have appointed the commission as the licensee's agent for service of process for purposes of actions filed under section 4 of this chapter for recovery from the real estate recovery fund. Service of process under this section shall be made as nearly as practicable in the manner prescribed by the Indiana Rules of Trial Procedure for service on corporations.As added by P.L.255-1987, SEC.6. Amended by P.L.127-2012, SEC.32.
IN Code § 25-34.1-7-7 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 7. Real Estate Recovery Fund|25-34.1-7-7. Limitation of Actions; Notice of Commencement of Action

Sec. 7. An order for payment from the real estate recovery fund may not be issued unless the action to recover from the real estate recovery fund was commenced within one (1) year after the termination of all proceedings against the licensee for embezzlement of money or property, or unlawfully obtaining money or property by false pretenses, use of a device, trickery, or forgery, including appeals and proceedings supplemental to judgment. When any person commences an action for a judgment that may result in an order for payment from the fund, the person shall notify the commission in writing of the commencement of the action.As added by P.L.255-1987, SEC.6.
IN Code § 25-34.1-7-8 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 7. Real Estate Recovery Fund|25-34.1-7-8. Commission as Defendant; Hearings; Orders Directing Payment

Sec. 8. (a) When any person files an application for an order directing payment from the real estate recovery fund, the commission shall promptly review and consider the application, and it may issue an order directing payment out of the real estate recovery fund, as provided in section 9 of this chapter, subject to the limitation of section 4 of this chapter, if the commission finds:(1) that there is no collusion between the judgment creditor and the judgment debtor;(2) that the judgment creditor is making application not more than one (1) year after the termination of all proceedings in connection with the judgment, including appeals and proceedings supplemental to judgment for collection purposes;(3) that the judgment creditor has diligently pursued all available creditor's remedies, including proceedings supplemental, against the licensee who is the subject of the application filed under section 4 of this chapter, against all the judgment debtors, and against all other persons liable to the creditor in the transaction for which the creditor seeks recovery from the real estate recovery fund, but that the diligent pursuit did not result in satisfaction of the judgment;(4) that the embezzlement of money or property, or the unlawfully obtaining of money or property by false pretenses, use of a device, trickery, or forgery, arose directly out of a transaction that occurred when the judgment debtor was licensed and acted in a capacity for which a license is required under this article and that the transaction occurred after December 31, 1987; and(5) that, in the event of a default judgment or a judgment entered upon stipulation of the parties, the judgment debtor's acts constituted embezzlement of money or property, or the unlawful obtaining of money or property by false pretenses, use of a device, trickery, or forgery.(b) A person who is dissatisfied by:(1) an order issued under subsection (a) directing payment out of the real estate recovery fund; or(2) a denial of an application filed under section 4 of this chapter;may petition for review under IC 4-21.5-3-7.As added by P.L.255-1987, SEC.6. Amended by P.L.134-2013, SEC.19.
IN Code § 25-34.1-7-9 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 7. Real Estate Recovery Fund|25-34.1-7-9. Payment of Claims

Sec. 9. Upon an order of the commission directing that payment be made out of the real estate recovery fund, the commission shall, subject to sections 4 through 5 of this chapter, make the payment out of the real estate recovery fund as provided in section 5 of this chapter.As added by P.L.255-1987, SEC.6. Amended by P.L.134-2013, SEC.20.
IN Code § 25-34.1-7-10 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 7. Real Estate Recovery Fund|25-34.1-7-10. Suspension of Judgment Debtor's License; Repayment of Fund; Interest

Sec. 10. (a) If the commission is required to make any payment from the real estate recovery fund in settlement of a claim or toward the satisfaction of an order under this chapter, the commission shall suspend the judgment debtor's license and, if the judgment debtor is licensed under IC 25-34.1-3-4.1, the license of the individual designated broker, under this article. The licensee is not eligible to be licensed again as a broker until the licensee has repaid in full the amount paid from the real estate recovery fund with interest of twelve percent (12%) per annum.(b) A license suspension issued under this section must be done in accordance with IC 4-21.5-3-6. The licensee may petition for review under IC 4-21.5-3-7.As added by P.L.255-1987, SEC.6. Amended by P.L.127-2012, SEC.33; P.L.134-2013, SEC.21; P.L.134-2013, SEC.22.
IN Code § 25-34.1-7-11 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 7. Real Estate Recovery Fund|25-34.1-7-11. Subrogation

Sec. 11. When the commission has ordered and caused payment to be made from the real estate recovery fund to a judgment creditor, the commission is subrogated to the rights of the judgment creditor with respect to the amount paid.As added by P.L.255-1987, SEC.6. Amended by P.L.134-2013, SEC.23.
IN Code § 25-34.1-7-12 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 7. Real Estate Recovery Fund|25-34.1-7-12. Expenditure of Interest

Sec. 12. Subject to the approval of the budget agency, the real estate commission may expend the interest earned by the real estate recovery fund for:(1) information concerning the commission's activities and administrative rulings;(2) other educational information concerning the real estate industry; and(3) expenses related to the continuing education program under IC 25-34.1-9.As added by P.L.255-1987, SEC.6. Amended by P.L.120-1992, SEC.2.
IN Code § 25-34.1-7-13 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 7. Real Estate Recovery Fund|25-34.1-7-13. Attorney General; Assistance; Expenses

Sec. 13. (a) The office of the attorney general shall provide the staff assistance necessary to:(1) enable the real estate commission to perform its duties under this chapter; and(2) enforce this chapter.(b) Expenses incurred by the office of the attorney general under this section shall be paid from the real estate recovery fund.As added by P.L.255-1987, SEC.6.
IN Code § 25-34.1-8-1 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 8. Real Estate Appraiser Licensure and Certification Board|25-34.1-8-1. Creation of Board

Sec. 1. The real estate appraiser licensure and certification board is created.As added by P.L.186-1990, SEC.14. Amended by P.L.183-1991, SEC.10.
IN Code § 25-34.1-8-2 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 8. Real Estate Appraiser Licensure and Certification Board|25-34.1-8-2. Members; Appointments; Removal

Sec. 2. (a) The board consists of five (5) members appointed by the governor as follows:(1) Subject to IC 25-1-6.5-3, three (3) members who are real estate appraisers:(A) who are licensed or certified under this article;(B) who have at least five (5) years experience as real estate appraisers; and(C) at least one (1) of whom is a certified appraiser.(2) Subject to IC 25-1-6.5-3, one (1) representative who represents lenders qualified to:(A) make Federal Housing Administration insured loans and Veterans Administration guaranteed loans; and(B) sell loans to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.(3) Subject to IC 25-1-6.5-3, one (1) member who is not associated with the real estate business in any way other than as a consumer.(b) A member may be removed under IC 25-1-6.5-4.As added by P.L.186-1990, SEC.14. Amended by P.L.183-1991, SEC.11; P.L.249-2019, SEC.128.
IN Code § 25-34.1-8-3 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 8. Real Estate Appraiser Licensure and Certification Board|25-34.1-8-3. Term

Sec. 3. Each board member serves for a term under IC 25-1-6.5.As added by P.L.186-1990, SEC.14. Amended by P.L.249-2019, SEC.129.
IN Code § 25-34.1-8-3.5 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 8. Real Estate Appraiser Licensure and Certification Board|25-34.1-8-3.5. Officers

Sec. 3.5. (a) The board shall annually elect one (1) of its members to be the chair and another member to be the vice chair.(b) A member of the board who serves as chair or vice chair serves until a successor is elected.(c) A member who serves as chair or vice chair may serve not more than two (2) consecutive terms in that capacity.(d) The chair shall preside at all of the board's meetings.(e) The vice chair shall:(1) preside at meetings in the absence of the chair; and(2) perform other duties as directed by the chair.As added by P.L.236-1995, SEC.51.
IN Code § 25-34.1-8-4 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 8. Real Estate Appraiser Licensure and Certification Board|25-34.1-8-4. Quorum

Sec. 4. (a) The board must have a quorum to transact business.(b) A quorum of the board consists of a majority of the appointed members.As added by P.L.186-1990, SEC.14. Amended by P.L.249-2019, SEC.130.
IN Code § 25-34.1-8-5 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 8. Real Estate Appraiser Licensure and Certification Board|25-34.1-8-5. Majority Vote

Sec. 5. The affirmative vote of three (3) members of the board is required for the board to take action.As added by P.L.186-1990, SEC.14. Amended by P.L.249-2019, SEC.131.
IN Code § 25-34.1-8-6.5 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 8. Real Estate Appraiser Licensure and Certification Board|25-34.1-8-6.5. Recommendations to Commission; Implementation and Operation of Program; Fee; Rules

Sec. 6.5. The board shall submit recommendations to the commission concerning the following:(1) Implementation and operation of the real estate appraiser licensure and certification program under IC 25-34.1-3-8.(2) Rules governing real estate appraisers licensed and certified under IC 25-34.1-3-8.(3) Establishing a fee in an amount necessary to fund the investigative fund established by section 7.5 of this chapter but not more than twenty dollars ($20).(4) Rules governing the administration of the investigative fund established by section 7.5 of this chapter.As added by P.L.57-2007, SEC.5.
IN Code § 25-34.1-8-7 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 8. Real Estate Appraiser Licensure and Certification Board|25-34.1-8-7. Approval of Applications; Issuance of Licenses and Certificates

Sec. 7. The board shall do the following:(1) Approve and disapprove applications for licensure and certification.(2) Issue licenses and certificates.As added by P.L.186-1990, SEC.14. Amended by P.L.183-1991, SEC.13.
IN Code § 25-34.1-8-7.5 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 8. Real Estate Appraiser Licensure and Certification Board|25-34.1-8-7.5. Investigative Fund; Administration by Attorney General and Professional Licensing Agency

Sec. 7.5. (a) The investigative fund is established to provide funds for administering and enforcing the provisions of this article, including investigating and taking enforcement action against real estate fraud and real estate appraisal fraud. The fund shall be administered by the attorney general and the professional licensing agency.(b) The expenses of administering the fund shall be paid from the money in the fund. The fund consists of:(1) money from a fee imposed upon licensed or certified appraisers and real estate brokers under IC 25-34.1-2-7 and IC 25-34.1-3-9.5;(2) civil penalties deposited in the fund under IC 24-5-23.5-9(d);(3) registration fees imposed on appraisal management companies under IC 25-34.1-11-15; and(4) civil penalties deposited under IC 25-34.1-11-17.(c) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public money may be invested.(d) Except as otherwise provided in this subsection, money in the fund at the end of a state fiscal year does not revert to the state general fund. If the total amount in the investigative fund exceeds seven hundred fifty thousand dollars ($750,000) at the end of a state fiscal year after payment of all claims and expenses, the amount that exceeds seven hundred fifty thousand dollars ($750,000) reverts to the state general fund.(e) Money in the fund is continually appropriated for use by the attorney general and the licensing agency to administer and enforce the provisions of this article and to conduct investigations and take enforcement action against real estate and appraisal fraud under this article. The attorney general shall receive five dollars ($5) of each fee collected under IC 25-34.1-2-7 and IC 25-34.1-3-9.5, and the licensing agency shall receive any amount that exceeds five dollars ($5) of each fee collected under IC 25-34.1-2-7 and IC 25-34.1-3-9.5.As added by P.L.145-2003, SEC.12. Amended by P.L.87-2006, SEC.6; P.L.57-2007, SEC.6; P.L.52-2009, SEC.13; P.L.77-2010, SEC.1; P.L.127-2012, SEC.34.
IN Code § 25-34.1-8-7.7 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 8. Real Estate Appraiser Licensure and Certification Board|25-34.1-8-7.7. Memorandum of Understanding

Sec. 7.7. (a) The attorney general and the licensing agency shall enter into a memorandum of understanding to administer and enforce this article.(b) The attorney general and the licensing agency shall present the memorandum of understanding annually to the commission for review.As added by P.L.87-2006, SEC.7.
IN Code § 25-34.1-8-9 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 8. Real Estate Appraiser Licensure and Certification Board|25-34.1-8-9. Per Diem; Travel and Other Expenses

Sec. 9. Each member of the board who is not a state employee is entitled to the minimum salary per diem provided by IC 4-10-11-2.1(b). Each member of the board is entitled to reimbursement for travel expenses and other expenses actually incurred in connection with the member's duties, as provided in the state travel policies and procedures established by the department of administration and approved by the budget agency.As added by P.L.186-1990, SEC.14. Amended by P.L.3-2008, SEC.203.
IN Code § 25-34.1-8-10 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 8. Real Estate Appraiser Licensure and Certification Board|25-34.1-8-10. Qualification of Applicants; Criminal Background Checks; Evidence of Compliance

Sec. 10. (a) To be licensed or certified as a real estate appraiser, an individual must meet the following conditions:(1) Not have a conviction for any of the following:(A) An act that would constitute a ground for disciplinary sanction under IC 25-1-11.(B) A crime that has a direct bearing on the individual's ability to practice competently.(C) Fraud or material deception in the course of professional services or activities.(D) A crime that indicates the individual has the propensity to endanger the public.(2) Have satisfied the requirements established under IC 25-34.1-3-8(f).(b) After December 31, 2008, the board shall require each applicant for initial licensure or certification under this chapter to submit fingerprints for a national criminal history background check (as defined in IC 10-13-3-12) by the Federal Bureau of Investigation, for use by the board in determining whether the applicant should be denied licensure or certification under this chapter for any reason set forth in subsection (a)(1). The applicant shall pay any fees or costs associated with the fingerprints and background check required under this subsection. The board may not release the results of a background check described in this subsection to any private entity.(c) The board may request evidence of compliance with this section in accordance with subsection (d). Evidence of compliance with this section may include any of the following:(1) Subject to subsections (b) and (d)(2), criminal background checks, including a national criminal history background check (as defined in IC 10-13-3-12) by the Federal Bureau of Investigation.(2) Credit histories.(3) Other background checks considered necessary by the board.(d) The board may request evidence of compliance with this section at any of the following times:(1) The time of application for an initial license or certificate.(2) The time of renewal of a license or certificate.(3) Any other time considered necessary by the board.(e) The commission, upon recommendation of the board, shall adopt rules under IC 4-22-2 to implement this section.As added by P.L.183-1991, SEC.14. Amended by P.L.214-1993, SEC.85; P.L.182-1996, SEC.3; P.L.145-2008, SEC.30.