Sec. 20-324a. Real Estate Guaranty Fund.
Sec. 20-324a. Real Estate Guaranty Fund. The commission shall establish and
maintain a Real Estate Guaranty Fund from which, subject to the provisions of sections
20-324a to 20-324j, inclusive, any person aggrieved by any action of a real estate broker
or real estate salesperson, duly licensed in this state under section 20-312, by reason of
the embezzlement of money or property, or money or property unlawfully obtained
from any person by false pretenses, artifice, trickery or forgery or by reason of any fraud,
misrepresentation or deceit by or on the part of any such real estate broker or real estate
salesperson or the unlicensed employee of any such real estate broker, may recover,
upon approval by the commission of an application brought pursuant to the provisions
of section 20-324e, compensation in an amount not exceeding in the aggregate the sum
of twenty-five thousand dollars in connection with any one real estate transaction or
claim, regardless of the number of persons aggrieved or parcels of real estate involved
in such real estate transaction or claim.
(1969, P.A. 525, S. 1; P.A. 82-19; 82-422, S. 10, 14; P.A. 85-124, S. 1; P.A. 95-158, S. 2; P.A. 96-200, S. 15; P.A. 98-10, S. 22.)
History: P.A. 82-19 and P.S. 82-422 both increased the amount a defrauded consumer could recover on a claim from
$10,000 to $25,000; P.A. 85-124 provided that compensation may be recovered upon approval by the commission of an
application for compensation, rather than upon a court order; P.A. 95-158 added references to "real estate" for clarity
to specify the types of transactions and claims applicable under this section; P.A. 96-200 substituted "salesperson" for
"salesman"; P.A. 98-10 made a technical change.
Cited. 189 C. 162. Cited. 192 C. 439.