agent or unlicensed employee has been filed with a law enforcement agency of this State or of a county or municipality in this State. The criminal complaint shall refer to the same conduct to which reference is made in the civil action as forming the basis for a claim against the real estate guaranty fund. The certification shall specify the date on which the criminal complaint was filed and the law enforcement agency with which it was filed. A copy of the certification shall be provided to the New Jersey Real Estate Commission upon its being filed. The requirement to file a certification shall apply prospectively only to claims seeking reimbursement from the fund filed on the basis of causes of action which accrue after the effective date of P.L.1993, c.51 (C.45:15-12.3 et al.).
Upon delivery by the New Jersey Real Estate Commission to the State Treasurer of a certified copy of the court order together with an assignment to the New Jersey Real Estate Commission of the judgment creditor’s right, title and interest in the judgment to the extent of the amount of the court order, the State Treasurer shall make payment to the claimant from the real estate guaranty fund.
L. 1976, c. 112, § 4; amended 1993, c. 51, § 37, eff. May 20, 1993; 2009, c. 238, § 19, eff. July 1, 2011.
45:15-38. Civil action which may result in court order for payment; limitations of action; joinder of commission
Any civil action which may result in a court order for payment from the real estate guaranty fund shall be instituted within six years of the accrual of the cause of action and the New Jersey Real Estate Commission shall be joined as a necessary party to any such civil action. Nothing in this section shall affect the right of any aggrieved person to pursue other rights or remedies authorized by law.
L. 1976, c. 112, 5, eff. Feb. 1, 1977. Amended by L. 1984, c. 124, 1, eff. Aug. 8, 1984.
45:15-39. Secretary of commission constituted as agent
Any person to whom is issued a license to be a real estate broker, broker-salesperson, salesperson or referral agent shall, by the securing of said license, make and constitute the secretary of the commission or the person in charge of the office of the commission as agent for the acceptance of process in any civil proceeding hereunder.
L. 1976, c. 112, § 6; amended 1993, c. 51, § 38; 2009, c. 238, § 20, eff. July 1, 2011.
45:15-40. Insufficiency of funds; replenishment; excess amounts
a.If at any time the funds available in the real estate guaranty fund are insufficient to satisfy in full court orders for payment therefrom, payment shall be made in the order in which such court orders were issued; and the New Jersey Real Estate Commission shall by regulation impose further additional amounts to be paid by brokers, broker-salespersons, salespersons and referral agents to replenish the guaranty fund. No such additional amount assessed at any one time shall exceed the amounts specified in section 2 of P.L.1976, c.112 (C.45:15-35).
b.If at any time the funds available in the real estate guaranty fund are, in the opinion of the New Jersey Real Estate Commission, in excess of amounts anticipated to be necessary to meet claims for a period of at least two years, the commission may, with the approval of the Commissioner of Banking and Insurance, allocate and receive from the guaranty fund a specified amount thereof for research and educational projects to increase the proficiency and competency of real estate licensees.
L. 1976, c. 112, § 7; amended 1993, c. 51, § 39; 2009, c. 238, § 21, eff. July 1, 2011.
45:15-41. Revocation of license upon issuance of court order for payment from fund
Upon the issuance of a court order for payment from the real estate guaranty fund the license of the broker, broker-salesperson, salesperson or referral agent, whose acts gave rise to the claim, shall be revoked and no such broker, broker-salesperson, salesperson or referral agent shall be eligible for reinstatement of his license until he shall have satisfied the judgment in full including reimbursement of the real estate guaranty fund together with interest.
L. 1976, c. 112, § 8; amended 1993, c. 51, § 40; 2009, c. 238, § 22, eff. July 1, 2011.
45:15-42. Rules and regulations
The Real Estate Commission is authorized to issue rules and regulations to implement the provisions of this act.
L. 1976, c. 112, 9, eff. Feb. 1, 1977.