A. An additional, nonrefundable fee as promulgated by rule by the Commission shall be added to and payable with the license fee for both new licenses and renewals of licenses for each licensee as provided in Section 858-307.1 of this title. Such additional fee shall be deposited in the Oklahoma Real Estate Education and Recovery Fund.
B. If a license is issued for a period of less than thirty-six (36) months, such additional fee shall be prorated to the nearest dollar and month.
C. If a real estate sales associate or provisional sales associate shall qualify for a license as a real estate broker, the additional fee for the remainder of the term shall be prorated to the nearest dollar and month and credited to the additional fee added to and payable with the real estate broker license fee.
D. At the close of each fiscal year, the Commission shall transfer into the Oklahoma Real Estate Commission Revolving Fund any money in excess of that amount required to be retained in the Oklahoma Real Estate Education and Recovery Fund and that amount authorized to be expended as provided within this Code that is remaining in the Oklahoma Education and Recovery Fund and unexpended.
Added by Laws 1977, c. 182, § 7, eff. July 1, 1977. Amended by Laws 1980, c. 165, § 9, eff. July 1, 1981; Laws 1988, c. 324, § 2, operative July 1, 1988; Laws 1998, c. 60, § 21, eff. Jan. 1, 1999; Laws 2001, c. 235, § 6, eff. Aug. 1, 2001.