D. Payments for claims based upon judgments against any one licensee shall not exceed in the aggregate Fifty Thousand Dollars ($50,000.00). E. If at any time the monies in the Oklahoma Real Estate Education and Recovery Fund are insufficient to satisfy any valid claim, or portion thereof, the Commission shall satisfy such unpaid claim or portion thereof as soon as a sufficient amount of money has been deposited in the fund by collecting special levy from the members of the fund of an amount not to exceed Five Dollars ($5.00) each fiscal year. If the additional levy is not sufficient to pay all outstanding claims against the fund, the claims shall be paid as the money becomes available. Where there is more than one claim outstanding, the claims shall be paid in the order that they were approved. F. Any claim against a corporation, association or partnership would be imputed to the managing broker(s) at the time the cause of action arose. G. The license of said licensee, shall be automatically revoked upon the payment of any amount from the Oklahoma Real Estate Education and Recovery Fund on a judgment against a licensee. The license shall not be considered for reinstatement until the licensee has repaid in full, plus interest at the rate of seven percent (7%) a year, the amount paid from the Oklahoma Real Estate Education and Recovery Fund on the judgment against the licensee. §858-605. Expenditure of funds. At any time when the total amount of monies, deposited in the Oklahoma Real Estate Education and Recovery Fund exceeds Two Hundred Fifty Thousand Dollars ($250,000.00), the Commission in its discretion may expend such excess funds each fiscal year for the following purposes: 1. To promote the advancement of education in the field of real estate for the benefit of the general public and those licensed under the Oklahoma Real Estate License Code, but such promotion shall not be construed to allow advertising of this profession; 2. To underwrite educational seminars and other forms of educational projects for the benefit of real estate licensees; 3. To establish real estate courses at institutions of higher learning located in the state and accredited by the State Regents for Higher Education for the purpose of making such courses available to licensees and the general public; and 4. To contract for a particular educational project in the field of real estate to further the purposes of the Oklahoma Real Estate License Code.
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