Section 25-6.1-8-2 - Surcharge; formula; assessment(a) If the total amount in the auctioneer recovery fund (including principal and interest) is less than three hundred sixty thousand dollars ($360,000) on June 30 in an odd-numbered year after the payment of all claims and expenses, the auctioneer commission shall assess a surcharge according to the following formula in order to maintain the fund at an approximate level of four hundred thousand dollars ($400,000): STEP ONE: Determine the amount remaining in the fund on June 30 of the current year after all expenses and claims have been paid.
STEP TWO: Subtract the amount determined under STEP ONE from four hundred thousand dollars ($400,000).
STEP THREE: Determine the number of licensees who had licenses in effect on June 30 of the current year.
STEP FOUR: Divide the number determined under STEP TWO by the number determined under STEP THREE.
(b) The auctioneer commission shall assess the surcharge described in subsection (a) against each licensee who: (1) receives an initial license; or(2) receives a renewal license.(c) The auctioneer commission shall assess the surcharge described in subsection (a) for the two (2) year period beginning on July 1 of the current year through June 30 of the next odd-numbered year.(d) The surcharge assessed under this section is in addition to any other fee under this article.Amended by P.L. 59-2014, SEC. 11, eff. 7/1/2014.As added by P.L. 256-1987, SEC.4. Amended by P.L. 143-1990, SEC.2; P.L. 214-1993, SEC.17.