Ohio § 4707.25

§ 4707.25.

(A) The auction recovery fund is hereby created in the state treasury.  The fund shall be administered by the director of agriculture.  The treasurer of state shall credit all of the following to the fund:  except as

otherwise provided in this section, a portion, in an amount specified in rules adopted

under section 4707.19 of the Revised Code , of license fees collected under this chapter;  any assessments levied under this

section;  repayments made to the auction recovery fund under section 4707.30 of the Revised Code by persons licensed under this chapter;  and interest earned on the assets of the

fund. Moneys credited to the fund shall be used to make payments to persons in accordance

with sections 4707.26 and 4707.31 of the Revised Code and to persons who obtain a final judgment in accordance with section 4707.261 and sections 4707.27 to 4707.30 of the Revised Code in a court of competent jurisdiction against a person licensed under this chapter

on the grounds of conduct by the licensee that is described in section 4707.15 of the Revised Code or that otherwise violates this chapter or rules adopted under it and that is associated

with an act or transaction that only a licensee lawfully may perform.  In the case of a final judgment, the amount of the payments shall be limited to

any portion of the final judgment that remains unpaid.  In all cases, the amount of the payments is subject to the dollar limitations established

in section 4707.29 of the Revised Code . (B) The director shall ascertain the balance of the fund on the first day of July each

year.  If the balance of the fund is greater than two million dollars, the director may

utilize, during the fiscal year beginning on that first day of July, the portion of

the fund that is greater than two million dollars to sponsor educational programs

or to underwrite research that is beneficial to persons licensed under this chapter

and to the public.  If the balance of the fund is at least four million dollars, the portion of license

fees collected under this chapter that otherwise would be credited to the fund under

this section shall be credited to the auctioneers fund during the fiscal year beginning

on that first day of July. If the balance of the fund is less than four hundred thousand dollars, the director

shall levy an assessment against each person who holds a valid license issued under

this chapter.  The amount of the assessment shall be determined by subtracting the balance of the

fund from five hundred thousand dollars and dividing the resulting total by the number

of persons recorded under section 4707.06 of the Revised Code as holding a valid license issued under this chapter.  All assessments that are collected shall be credited to the fund. (C) The director shall collect from the fund a service fee in an amount equal to the

interest rate specified in division (A) of section 1343.03 of the Revised Code multiplied by the annual interest earned on the assets of the fund to defray the

expenses incurred by the department of agriculture in the administration of the fund.