Appraisal Education Fund.

# (a)

There is established as a special fund the Appraisal Education Fund ("Fund"), which shall be administered by the Mayor in accordance with subsection (b) of this section.
(a-1) The following revenue shall be deposited in the Fund:

# (1)

All funds obtained from the appraisal education fund fee established by the Mayor; and

# (2)

Civil penalties imposed by the Board or the Office of Administrative Hearings pursuant to this part.

# (b)

# (1)

The funds deposited in the Fund shall be used by the Board for the purpose of raising the standards of practice and the competency of licensees by:

(A) Promoting the advancement of education and research for the benefit of any licensee under this part;

(B) Underwriting educational seminars, workshops, and any other similar form of educational project for the benefit of any licensee under this part; and

(C) Contracting for particular education or other projects intended to further the purposes of this part.

# (2)

The funds deposited in the Fund shall also be used by the Board to defray the expenses to discharge the administrative and regulatory duties as prescribed by this part.

# (c)

The Board may establish minimum and maximum balances for the Fund, procedures for continuing and discontinuing assessing licensees, and rules for the implementation and operation of the Fund.

# (d)

If a licensee fails to pay the appraisal education fee within the time prescribed by rule, his or her license shall be automatically suspended. The Board shall send a notice of the suspension, by certified mail, to the address of record within 5 days after the suspension. The license shall be restored only upon the actual receipt by the Mayor of the delinquent fee.

# (e)

# (1)

The money deposited into the Fund but not expended in a fiscal year shall not revert to the unassigned fund balance of the General Fund of the District of Columbia at the end of a fiscal year, or at any other time.

# (2)

Subject to authorization in an approved budget and financial plan, any funds appropriated in the Fund shall be continually available without regard to fiscal year limitation.