(A) Fees relevant to the licensure and regulation of real estate brokers, salespersons, and property managers must be established in accordance with Section 40-1-50(D) and promulgated by regulation prior to implementation.

(B) Application and license fees must be paid to the commission in advance and must accompany an examination application or a license application. An application fee is nonrefundable.

(C)(1) The department may allocate up to ten dollars of each license renewal fee to the South Carolina Real Estate Commission Education and Research Fund which is established as a separate and distinct account within the Office of the State Treasurer. The funds collected must be deposited in this account and used exclusively for the:

(a) advancement of education and research for the benefit of those licensed under this chapter and for the improvement and increased efficiency of the real estate industry in this State;

(b) analysis and evaluation of factors which affect the real estate industry in this State; and

(c) dissemination of the results of the research.

(2) The commission annually by August first shall submit a report on how the funds were expended for the preceding fiscal year to the Chairs of the Senate Labor, Commerce and Industry Committee and House Labor, Commerce and Industry Committee.

HISTORY: 1997 Act No. 24, Section 1; 2004 Act No. 218, Section 26; 2016 Act No. 170 (S.1013), Section 1, eff January 1, 2017.

Effect of Amendment

2016 Act No. 170, Section 1, in (A), substituted "Fees relevant" for "All fees relevant"; deleted former (B), related to reinstatement penalty, and redesignated former (C) and (D) as (B) and (C); in (B) substituted "commission" for "department"; in (C)(1), substituted "is established" for "must be established"; and made nonsubstantive and gender neutral changes throughout.