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(1) There is created an expendable special revenue fund known as the Electrician Education Fund.
(2) The fund consists of money from a surcharge fee, established by the division in accordance with Section 63J-1-504, placed on initial, renewal, and reinstatement licensure fees for an apprentice electrician, journeyman electrician, master electrician, residential journeyman electrician, and residential master electrician.
(3) The surcharge fee described in Subsection (2) may not be more than $5.
(4) The fund shall earn interest and all interest earned on fund money shall be deposited into the fund.
(5) The director may, with the concurrence of the commission, make distributions from the fund for the following purposes:
(a) education and training of licensees under this chapter who are practicing in the electrical trade; and
(b) education and training of other licensees under this chapter or the public in matters concerning electrical laws and practices.
(6) If the balance in the fund is more than $100,000 at the end of any fiscal year, the excess amount shall be transferred to the General Fund.
(7) The division shall report annually to the Business, Economic Development, and Labor Appropriations Subcommittee regarding the balance in the fund and how the fund is being used.