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Texas Statutes (Last Updated: January 4, 2014) |
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OCCUPATIONS CODE |
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Title 7. PRACTICES AND PROFESSIONS RELATED TO REAL PROPERTY AND HOUSING |
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Subtitle A. PROFESSIONS RELATED TO REAL ESTATE |
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Chapter 1101. REAL ESTATE BROKERS AND SALESPERSONS |
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Subchapter M. REAL ESTATE RECOVERY TRUST ACCOUNT |
Sec. 1101.603. PAYMENTS INTO TRUST ACCOUNT
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(a) In addition to other fees required by this chapter, an applicant for an original license must pay a fee of $10.
(b) In addition to other fees required by this chapter, an applicant for an original certificate of registration or renewal certificate must pay a fee of $50.
(c) The commission shall deposit to the credit of the trust account:
(1) fees collected under Subsections (a) and (b); and
(2) an administrative penalty collected under Subchapter O for a violation by a person licensed as a broker or salesperson.
(d) An administrative penalty collected under Subchapter O for a violation by a person who is not licensed under this chapter or Chapter 1102 shall be deposited to the credit of the trust account or the real estate inspection recovery fund, as determined by the commission.
(e) On a determination by the commission at any time that the balance in the trust account is less than $1 million, each license holder at the next license renewal must pay, in addition to the renewal fee, a fee that is equal to the lesser of $10 or a pro rata share of the amount necessary to obtain a balance in the trust account of $1.7 million. The commission shall deposit the additional fee to the credit of the trust account.
(f) To ensure the availability of a sufficient amount to pay anticipated claims on the trust account, the commission by rule may provide for the collection of assessments at different times and under conditions other than those specified by this chapter.