(1) There is created an expendable special revenue fund to be known as the "Title Insurance Recovery, Education, and Research Fund."
(2) The fund shall consist of:
(a) assessments on individual title insurance producers and agency title insurance producers made under this chapter;
(b) amounts collected under Section 31A-41-305; and
(c) interest earned on the fund.
(3) Interest on fund money shall be deposited into the fund.
(4) The department shall administer the fund.