Sec. 37.

(1) Fees for a person licensed or seeking licensure as a real estate broker, associate broker, salesperson, or branch office or seeking other licenses or approvals issued under article 25 of the occupational code, MCL 339.2501 to 339.2518, are as follows:

Salespersons...................................................................................................................

(a) Fifteen dollars of each license fee received by the department under subsection (1)(b) during that 3-year license cycle shall be forwarded to the state treasurer for deposit into the real estate education fund.

(b) The department shall use the money in the real estate education fund only for the operation of departmental programs related to education required of all licensees or applicants for licensure under article 25 of the occupational code, MCL 339.2501 to 339.2518.

(c) The state treasurer shall direct the investment of the fund and shall credit to the fund interest and earnings from fund investments.

(d) Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund.

(e) The department is the administrator of the fund for auditing purposes.

(3) The real estate enforcement fund is created in the state treasury. All of the following apply to the real estate enforcement fund:

(a) Fifteen dollars of each license fee received by the department under subsection (1)(b) during that 3-year license cycle shall be forwarded to the state treasurer for deposit into the real estate enforcement fund.

(b) The department in conjunction with the attorney general shall use the money in the real estate enforcement fund only for the investigation and enforcement of actions regarding unlicensed activity and real estate fraud.

(c) The state treasurer shall direct the investment of the fund and shall credit to the fund interest and earnings from fund investments.

(d) Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund.

(e) The department is the administrator of the fund for auditing purposes.

History: 1979, Act 152, Eff. Jan. 1, 1980 ;-- Am. 1980, Act 295, Eff. Jan. 1, 1981 ;-- Am. 1981, Act 227, Imd. Eff. Jan. 7, 1982 ;-- Am. 1983, Act 145, Imd. Eff. July 18, 1983 ;-- Am. 1988, Act 461, Eff. Sept. 1, 1989 ;-- Am. 2002, Act 623, Imd. Eff. Dec. 23, 2002 ;-- Am. 2003, Act 87, Imd. Eff. July 23, 2003 ;-- Am. 2006, Act 645, Imd. Eff. Jan. 5, 2007 ;-- Am. 2007, Act 77, Imd. Eff. Sept. 30, 2007 ;-- Am. 2012, Act 308, Imd. Eff. Oct. 1, 2012 ;-- Am. 2015, Act 75, Eff. Oct. 1, 2015 ;-- Am. 2019, Act 71, Imd. Eff. Sept. 30, 2019 Compiler's Notes: For transfer of powers and duties of certain occupational functions, boards, and commissions from the Department of Licensing and Regulation to the Department of Commerce, see E.R.O. No. 1991-9, compiled at MCL 338.3501 of the Michigan Compiled Laws.

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