(A) If the balance of the recovery fund is four hundred thousand dollars or less, the state treasurer shall deposit two dollars and fifty cents from each licensing fee into the auctioneer recovery fund. If the balance of the fund is four hundred thousand dollars and greater, no fees shall be deposited into the fund.
(B) In order to initiate a claim, the aggrieved party shall file a complaint and an application for recovery with the department in accordance with section 4707.16 of the Revised Code. The application shall specify the nature of the act or transaction on which the claim for recovery is being made, and shall include documentation of the actual and direct losses incurred.
(C) If the department determines as a result of an investigation that the licensee has violated Chapter 4707. of the Revised Code or the rules adopted thereunder, and the aggrieved party has incurred actual and direct losses, the department shall notify the bond company or banking institution to compensate the aggrieved party for the actual and direct losses.
(D) If the licensee is also eligible under the auction recovery fund, the aggrieved party must comply with the requirements of sections 4707.26 to 4707.29 of the Revised Code as applicable, to receive any additional funds.
Five Year Review (FYR) Dates: 04/10/2015 and 07/04/2020
Promulgated Under: 119.03
Statutory Authority: 4707.19
Rule Amplifies: 4707.26, 4707.261, 4707.262, 4707.27, 4707.28, 4707.29, 4707.30, 4707.31
Prior Effective Dates: 3/21/2006