Sec. 38.

(1) Fees for an individual licensed or seeking licensure as a state licensed real estate appraiser, a certified general real estate appraiser, a certified residential real estate appraiser, or a limited real estate appraiser under article 26 of the occupational code, MCL 339.2601 to 339.2637, are as follows:

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

(a) Ten dollars of each fee received under subsection (1)(c) shall be forwarded to the state treasurer for deposit into the real estate appraiser education fund.

(b) The department shall use the money in the real estate appraiser education fund only for the operation of departmental programs related to the education required of all licensees or applicants for licensure under article 26 of the occupational code, MCL 339.2601 to 339.2637.

(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: Add. 1990, Act 268, Imd. Eff. Oct. 17, 1990 ;-- Am. 1999, Act 171, Imd. Eff. Nov. 10, 1999 ;-- Am. 2003, Act 87, Imd. Eff. July 23, 2003 ;-- 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.