law

Real Estate Education, Research and Recovery Fund (Minnesota)

Minnesota's fund under §82.86 that pays consumers who obtain a court judgment against a licensee for fraud or conversion of trust funds and cannot collect it. Limits are $150,000 per claimant per transaction and $250,000 total per licensee. Claims must be filed within one year after the judgment becomes final. Payment automatically suspends the license; reinstatement requires repaying twice the amount paid plus 12 percent annual interest and posting a bond. Licensees cannot recover commissions, and attorney fees are not recoverable.