Okla. Stat. tit. 59, § 59-858-604

rights, etc. - Insufficient funds - Revocation of licenses.

A. Any claimant who meets all of the conditions prescribed by

this act may apply to the Commission for payment from the Oklahoma

Real Estate Education and Recovery Fund, in an amount equal to the

unsatisfied portion of the claimant’s judgment, which is actual or

compensatory damages, or Twenty-five Thousand Dollars ($25,000.00),

whichever is less. The claimant is entitled to reimbursement for

attorney fees reasonably incurred in the litigation not to exceed

twenty-five percent (25%) of the claimant’s amount approved by the

Commission. Attorney fees charged and received shall be documented,

verified, and submitted with the claim. Court costs and other

expenses shall not be recoverable from the fund.

B. Upon receipt by the claimant of the payment from the

Oklahoma Real Estate Education and Recovery Fund, the claimant

assigns the claimant's right, title and interest in that portion of

the judgment to the Commission which shall be subrogated up to the

amount actually paid by the fund to the claimant or to the claimant

and the claimant’s attorney. Upon suit to collect upon a judgment,

the claimant shall have priority over the fund. Any amount

subsequently recovered on the judgment by the Commission, to the

extent of the Commission's right, title and interest therein, shall

be used to reimburse the Oklahoma Real Estate Education and Recovery

Fund.

C. Payments for claims arising out of the same transaction

which constitutes a claimant’s cause of action based upon a

violation of the Oklahoma Real Estate License Code shall be limited

Oklahoma Statutes - Title 59. Professions and Occupations Page 741

in the aggregate of Fifty Thousand Dollars ($50,000.00) irrespective

of the number of claimants or parcels of real estate involved in the

transaction.

D. Payments for claims based upon judgments against any one

licensee shall not exceed in the aggregate Fifty Thousand Dollars

($50,000.00).

E. If at any time the monies in the Oklahoma Real Estate

Education and Recovery Fund are insufficient to satisfy any valid

claim, or portion thereof, the Commission shall satisfy such unpaid

claim or portion thereof as soon as a sufficient amount of money has

been deposited in the fund by collecting a special levy from

members of the fund of an amount not to exceed Five Dollars ($5.00)

each fiscal year. If the additional levy is not sufficient to pay

all outstanding claims against the fund, the claims shall be paid as

the money becomes available. Where there is more than one claim

outstanding, the claims shall be paid in the order that they were

approved.

F. Any claim against a corporation, association or partnership

would be imputed to the managing broker(s) at the time the cause of

action arose.

G. The license of said licensee shall be automatically revoked

upon the payment of any amount from the Oklahoma Real Estate

Education and Recovery Fund on a judgment against a licensee. The

license shall not be considered for reinstatement until the licensee

has repaid in full, plus interest at the rate of seven percent (7%)

a year, the amount paid from the Oklahoma Real Estate Education and

Recovery Fund on the judgment against the licensee.