54-2074. AUTOMATIC SUSPENSION OF BROKER’S, ASSOCIATE BROKER’S OR SALESPERSON’S LICENSE ON PAYMENT BY COMMISSION — CONDITION FOR LICENSE REINSTATEMENT. If, pursuant to court order, the commission pays from the recovery fund any amount in settlement of a claim or towards satisfaction of a judgment against a licensed broker, associate broker or salesperson, the license of such broker, associate broker or salesperson shall be automatically suspended without further order of the commission upon the effective date of any order by the court as set forth herein authorizing payment from the recovery fund. No such broker, associate broker or salesperson shall be granted reinstatement until he has repaid in full, the amount so paid from the recovery fund plus interest at the legal rate of interest allowable by law for judgments.
History:
[54-2074, added 2000, ch. 285, sec. 3, p. 951.]
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