§514B-73  Condominium education trust fund;
management.  (a)  The sums received by the commission for deposit in the
condominium education trust fund pursuant to sections 514A-40, 514A-95.1, and
514B-72 shall be held by the commission in trust for carrying out the purpose
of the fund.



(b)  The commission and the director of
commerce and consumer affairs may use moneys in the condominium education trust
fund collected pursuant to sections 514A-40, 514A-95.1, and 514B-72, and the
rules of the commission to employ necessary personnel not subject to chapter 76
for additional staff support, to provide office space, and to purchase
equipment, furniture, and supplies required by the commission to carry out its
responsibilities under this part.



(c)  The moneys in the condominium education
trust fund collected pursuant to sections 514A-40, 514A-95.1, and 514B-72, and
the rules of the commission may be invested and reinvested together with the
real estate education fund established under section 467-19 in the same manner
as are the funds of the employees' retirement system of the State.  The
interest and earnings from these investments shall be deposited to the credit
of the condominium education trust fund.



(d)  The commission shall annually submit to
the legislature, no later than twenty days prior to the convening of each
regular session:



(1)  A summary of the programs funded during the prior
fiscal year and the amount of money in the fund, including a statement of which
programs were directed specifically at the education of condominium owners; and



(2)  A copy of the budget for the current fiscal year,
including summary information on programs that were funded or are to be funded
and the target audience for each program.  The budget shall include a line item
reflecting the total amount collected from condominium associations. [L 2005, c
93, pt of §3; am L 2009, c 129, §11]