HRS §467-17
Extra payments to keep the real estate recovery fund funded
If the real estate recovery fund drops below $350,000, the state will charge every real estate licensee an extra fee. The fee amount and rules are set by the director. If a licensee does not pay within 60 days, they lose their license, and may face other penalties to get it back.
real estate agents
The statute, as written — Additional payments to fund
(a) If the balance remaining in the real estate recovery fund is less than $350,000, the department of commerce and consumer affairs shall assess every real estate licensee an additional payment to the recovery fund as provided in rules adopted by the director of commerce and consumer affairs pursuant to chapter 91 for deposit in the real estate recovery fund. (b) The failure of the licensee to pay the assessment within sixty days from the date of assessment shall constitute a forfeiture of the license. The commission may impose other penalties or requirements as a condition to restoration of the license.
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