This fund is inactive. Please see the notes section for further information regarding the inactive status. Recently inactivated funds may remain active in USAS for a period of time to complete outstanding transactions or for other accounting purposes.
| Issue Date: | |
|---|---|
| Revised Date: | 2023-09-01 |
Legal Cites
- Occupations Code sec. 1102.351, sec. 1102.353
Origin:
1985 by H.B. 2182, 69th Leg., R.S.
Purpose
To receive money collected from real estate inspectors for purposes of reimbursing aggrieved persons who suffer actual damages by reason of certain acts committed by a duly licensed real estate inspector when recovery is ordered by court of competent jurisdiction. Funds may be invested in the same manner as ERS funds and interest from investment is deposited to the fund.
| Classification | Group 08: Trust Funds [?] |
|---|---|
| Depository Interest | Retained in fund |
| Disposition of Balance | Accumulative |
| Appropriation Technique |
Administering Agencies
Note
Texas Real Estate Commission, Agency 329, became a self-directed, semi-independent agency. All funds held with Texas Treasury Safekeeping Trust Company per S.B. 1000, 82nd Leg., R.S. effective 9-1-11.
H.B. 1363 finally repealed Occupations Code, Subchapter H, Ch. 1102 effective 9-1-23. H.B. 1363 requires the commission to transfer $200,000 to General Revenue from the Real Estate Inspection Recovery Fund at the Safekeeping Trust Company. By 8/31/26, the commission shall set aside any amounts at TTSTC to pay pending claims under Occupations Code, Subchapter H, Ch. 1102. After claims are paid, remaining money is transferred to General Revenue to offset any amounts remitted to General Revenue by the commission.
USAS Values
| USAS Title | REAL ESTATE INSPECT REC TR FD |
|---|---|
| Consolidated Fund | |
| State Fund Group | 08 - TRUST FUNDS |
| USAS Status | I |