Indiana Code Title 25. Professions and Occupations § 25-6.1-8-2

Sec. 2. (a) If the total amount in the auctioneer recovery fund (including principal and interest) is less than three hundred sixty thousand dollars ($360,000) on June 30 in an odd-numbered year after the payment of all claims and expenses, the auctioneer commission shall assess a surcharge according to the following formula in order to maintain the fund at an approximate level of four hundred thousand dollars ($400,000):

STEP ONE:  Determine the amount remaining in the fund on June 30 of the current year after all expenses and claims have been paid.

STEP TWO:  Subtract the amount determined under STEP ONE from four hundred thousand dollars ($400,000).

STEP THREE:  Determine the number of licensees who had licenses in effect on June 30 of the current year.

STEP FOUR:  Divide the number determined under STEP TWO by the number determined under STEP THREE.

(b) The auctioneer commission shall assess the surcharge described in subsection (a) against each licensee who:

(c) The auctioneer commission shall assess the surcharge described in subsection (a) for the two (2) year period beginning on July 1 of the current year through June 30 of the next odd-numbered year.

(d) The surcharge assessed under this section is in addition to any other fee under this article.