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 Oklahoma Statutes (Last Updated: September 18, 2014)
 Title 59. PROFESSIONS AND OCCUPATIONS

  § 59-858-603. Eligibility to recover from fund - Ineligibility.  

Latest version.

  • A.  Any claimant shall be eligible to seek recovery from the Oklahoma Real Estate Education and Recovery Fund if the following conditions have been met:

    1.  An action has been filed in district court based upon a violation specified in the Oklahoma Real Estate License Code;

    2.  The cause of action accrued not more than two (2) years prior to the filing of the action;

    3.  At the commencement of an action, the party filing the action shall immediately notify the Commission to this effect in writing and provide the Commission with a file-stamped copy of the petition or affidavit.  Said Commission shall have the right to enter an appearance, intervene in, defend, or take any action it may deem appropriate to protect the integrity of the Fund.  The Commission may waive the notification requirement if it determines that the public interest is best served by the waiver, that is to best meet the ends of justice and that the claimant making application made a good faith effort to comply with the notification requirements;

    4.  Final judgment is received by the claimant upon such action;

    5.  The final judgment is enforced as provided by statute for enforcement of judgments in other civil actions and that the amount realized was insufficient to satisfy the judgment; and

    6.  Any compensation recovered by the claimant from the judgment debtor, or from any other source for any monetary loss arising out of the cause of action, has been applied to the judgment awarded by the court.

    B.  A claimant shall not be qualified to make a claim for recovery from the Oklahoma Real Estate Education and Recovery Fund, if:

    1.  The claimant is the spouse of the judgment debtor or a personal representative of such spouse;

    2.  The claimant is a licensee who acted in their own behalf in the transaction which is the subject of the claim; or

    3.  The claimant’s claim is based upon a real estate transaction in which the claimant is, through their own action, jointly responsible for any resulting monetary loss with respect to the property owned or controlled by the claimant.

Added by Laws 1977, c. 182, § 8, eff. July 1, 1977.  Amended by Laws 1988, c. 324, § 4, operative July 1, 1988; Laws 1991, c. 43, § 11, eff. July 1, 1993; Laws 1998, c. 60, § 22, eff. Jan. 1, 1999; Laws 2005, c. 85, § 3, eff. Nov. 1, 2005.