What TREC Does With Administrative-Penalty Funds
When a real estate license holder is found in violation of The Real Estate License Act, the Texas Real Estate Commission can impose an administrative penalty. The law requires that these administrative-penalty funds be deposited into the Real Estate Recovery Trust Account, which disperses money to 消费者 owed damages due to a license holder’s conduct and subsequent inability to pay. Consumers can apply for reimbursement from this trust account after filing a suit and obtaining a court judgment for damages against a licensed real estate broker, 销售代理, 或地役权/通行权代理人. Learn more about the trust account on trec.德州.政府.
那么$$$怎么办呢, does the State take all but $50,000 to keep in the fund then the rest goes into the General Fund?
不是有趣的. The TREC staff does a great job and your stupid comments are not appreciated.
You can read everything about the recovery fund in sec 1101.601-1101.615. 特别是1101.604 which deals with “信托账户管理” Sec. 1101.604. 信托账户管理. (a) The commission shall hold money credited to the trust account in trust to carry out the purpose of the trust account. (b) Money credited to the trust account may be invested in the same manner as money of the Employees Retirement System of Texas, except that an investment may not be made that would impair the liquidity necessary to make payments from the trust account as required by this subchapter. (c)感兴趣… 阅读更多»
You can read everything about the recovery fund in sec 1101.601-1101.615. 特别是1101.604 which deals with “信托账户管理” Sec. 1101.604. 信托账户管理. (a) The commission shall hold money credited to the trust account in trust to carry out the purpose of the trust account. (b) Money credited to the trust account may be invested in the same manner as money of the Employees Retirement System of Texas, except that an investment may not be made that would impair the liquidity necessary to make payments from the trust account as required by this subchapter. (c)感兴趣… 阅读更多»
是的. All funds exceeding the greater of $3.5 million or all claims paid is required to be transferred to the general fund. Read the cases construing the statute. 恢复, a victim has to have the means to sue, get relief from the automatic stay if the defendant files for bankruptcy, take the matter to trial and judgment, perhaps get a determination that the debt is excepted from discharge in any bankruptcy, then seek recovery from the trust fund, 资助任何上诉, and have done everything exactly right, 否则索赔将被驳回.
This is not the place for you to promote you business