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Current as of January 01, 2025 | Updated by Findlaw Staff
(a)(1) Subject to paragraph (2) of this subsection, before the Commission issues a real estate broker license, an associate real estate broker license, or a real estate salesperson license to any individual, the individual shall pay a fee of $20 to be credited to the Guaranty Fund.
(2) Regardless of how many times an individual applies to the Commission for a license under this title, the Commission may charge the individual only once for the fee required under this subsection.
(b) If the amount in the Guaranty Fund falls below $300,000, and the Commission is projected to have an operating surplus of at least $500,000 in the current fiscal year, the Commission may transfer up to $500,000 to the Guaranty Fund from the State Real Estate Commission Fund established under § 2-106.3 of the Business Regulation Article.
(c) If the amount in the Guaranty Fund falls below $250,000, the Commission shall assess each real estate broker, each associate real estate broker, and each real estate salesperson a fee in an amount that will return the Guaranty Fund to a level of at least $250,000.
Cite this article: FindLaw.com - Maryland Code, Business Occupations and Professions § 17-403 - last updated January 01, 2025 | https://codes.findlaw.com/md/business-occupations-and-professions/md-code-bus-occup-and-prof-sect-17-403/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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