(b)

1. (1) The Commissioner of State Lands reserves the right to exclude any individual, partnership, corporation, or other legal entity from the bidding process for failure to:

   1. (A) Abide by this part; or
   2. (B) Carry on business in good faith.

2. (2) Pursuant to the provisions of Arkansas Code § 26-37-317, effective July 31, 2023, the Commissioner of State Lands shall impose a penalty equal to the greater of ten percent (10%) of the face value of the payment instrument or twenty dollars ($20.00) for any sale canceled, set aside, or held for naught for any of the following reasons:

   1. (A) The payment instrument is refused by the drawee because of insufficient funds;
   2. (B) The maker or drawer of the payment instrument stops payment; or
   3. (C) The payment instrument tendered to the Commissioner of State Lands is dishonored for any reason.

(c)

1. (1) When a dishonored instrument is received, the Commissioner of State Lands will:

   1. (A) Notify the issuer that the instrument has been dishonored; and
   2. (B) Provide the issuer with a date by which the instrument must be made good.
2. (2) If the issuer fails to make good by the specified date, the instrument plus the added penalty will be turned over for collection.