Section 17-402 - Establishment of Guaranty Fund; investments.
§ 17-402. Establishment of Guaranty Fund; investments.
(a) Establishment of Guaranty Fund.- The Commission shall:
(1) establish a Real Estate Guaranty Fund; and
(2) maintain the Guaranty Fund at a level of at least $250,000.
(b) Disposition of money collected; investments by State Treasurer.-
(1) The Commission shall deposit all money collected to the credit of the Guaranty Fund with the State Treasurer for placement into a special account.
(2) (i) The State Treasurer may invest or reinvest money in the Guaranty Fund in the same manner as money in the State Retirement and Pension System.
(ii) The investment earnings shall be:
1. credited to the Guaranty Fund; and
2. available for the same purposes as the money deposited into the Guaranty Fund.
(c) Regulations.- The Commission may adopt regulations for the administration of a Guaranty Fund.
[An. Code 1957, art. 56A, § 4-402; 1989, ch. 3, § 1; 1994, ch. 3, § 13; chs. 52, 468; 1995, ch. 3, § 1; 1996, ch. 10, § 1.]