Arizona Revised Statutes Title 28. Transportation § 28-2470. Real estate professional special plates; fund
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A. If, by December 31, 2021, an entity pays $32,000 to the department for the implementation of this section, the department shall issue real estate professional special plates to an applicant who is a member of the entity. The entity that provides the $32,000 shall design the real estate professional special plates. The design and color of the real estate professional special plates are subject to the approval of the department. The director may allow a request for real estate professional special plates to be combined with a request for personalized special plates. If the director allows such a combination, the request shall be in a form prescribed by the director and is subject to the fees for the personalized special plates in addition to the fees required for the real estate professional special plates.
B. Of the $25 fee required by § 28-2402 for the original special plates and for renewal of special plates, $8 is a special plate administration fee and $17 is an annual donation.
C. The department shall deposit, pursuant to §§ 35-146 and 35-147, all special plate administration fees in the state highway fund established by § 28-6991 and all donations collected pursuant to this section in the real estate professional special plate fund established by this section.
D. The real estate professional special plate fund is established consisting of monies deposited pursuant to this section. The director shall administer the fund. The first $32,000 in the fund shall be reimbursed to the entity that paid the implementation fee to the department pursuant to subsection A of this section. Not more than ten percent of monies deposited in the fund annually shall be used for the cost of administering the fund. Monies in the fund are continuously appropriated.
E. The director shall annually allocate monies from the fund, excluding administrative fees, to a charitable organization that is qualified under section 501(c)(6) of the United States internal revenue code 1 for federal income tax purposes and that all of the following:
1. Is a trade association in this state.
2. Represents more than fifty thousand real estate professionals.
3. Subscribes to the strict code of ethics outlined by the national association of realtors.
4. Has members who are active real estate licensees under title 32, chapter 20 and who include professionals from all areas of real estate, including residential, commercial, property management, land, appraisal and relocation.
F. The monies distributed pursuant to subsection E of this section shall be used to help build and operate affordable supportive housing so more units can be constructed to meet the growing needs for our communities in this state and reduce the number of people experiencing homelessness.
G. On notice from the director, the state treasurer shall invest and divest monies in the fund as provided in § 35-313, and monies earned from investment shall be credited to the fund.
Cite this article: FindLaw.com - Arizona Revised Statutes Title 28. Transportation § 28-2470. Real estate professional special plates; fund - last updated March 08, 2022 | https://codes.findlaw.com/az/title-28-transportation/az-rev-st-sect-28-2470/
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