Checks issued by an applicant or an appraiser which are returned for insufficient funds or not honored for any cause are considered prima facie evidence of untrustworthiness or incompetency in such a manner as to endanger the interest of the public and may subject the applicant, appraiser, or appraisal management company to disciplinary action.

1. A. If the check is in payment of a fee for which authority to engage in real estate appraisal or as an appraisal management company has been issued, that authority may be immediately cancelled or revoked.
2. B. Where a check or checks are incorrectly returned by a bank or other depository because of the bank or depository’s error, a statement to that effect from the bank or depository will be required before such appraisal or appraisal management authority will be reissued.

HISTORY: Added by State Register Volume 19, Issue No. 6, eff June 23, 1995. Amended by State Register Volume 38, Issue No. 6, Doc. No. 4426, eff June 27, 2014; SCSR 42-5 Doc. No. 4766, eff May 25, 2018.