Article 32(Revocation of authorization) #
(1) Where an appraisal corporation, etc. falls under any of the following, the Minister of Land, Infrastructure and Transport may revoke authorization for the establishment thereof (limited to an appraisal corporation under Article 29) or order it to suspend duties for a specified period for up to two years; provided, where it falls under subparagraph 2 or 7, he or she shall revoke authorization for establishment: <Amended on Mar. 20, 2018; Aug. 20, 2019; Apr. 7, 2020; Jul. 20, 2021>
1. Where the appraisal corporation applies for the revocation of authorization for establishment;
2. Where the appraisal corporation, etc. performs duties under Article 10 while the disposition of suspension from duties is valid;
3. Where the appraisal corporation, etc. allows an affiliated appraiser on whom disposition of suspension from duties is imposed to perform duties under Article 10 while the disposition is in effect;
4. Where the appraisal corporation, etc. conducts an appraisal in violation of Article 3 (1);
5. Where the appraisal corporation, etc. conducts an appraisal in violation of the principles and standards under Article 3 (3);
6. Where the appraisal corporation, etc. violates matters concerning the preparation and issuance of an appraisal report under Article 6;
7. Where the appraisal corporation, etc. fails to supplement appraisers within three months from the date on which the number of affiliated appraisers is less than the number prescribed in Article 21 (3) or 29 (4);
8. Where the appraisal corporation, etc. establishes two or more appraisal offices in violation of Article 21 (4);
9. Where the appraisal corporation, etc. allows a person other than an appraiser to perform duties under Article 10 in violation of Article 21 (5) or 29 (9);
10. Where the appraisal corporation, etc. does not comply with the standard for the fee rate and actual costs in violation of Article 23 (3);
11. Where the appraisal corporation, etc. violates Article 25, 26, or 27; provided, where an affiliated appraiser or clerical worker violates Article 25 (4) and the appraisal corporation, etc. has not been negligent in exercising due care and supervision with regard to relevant duties in order to prevent such violation, this shall not apply;
12. Where the appraisal corporation, etc. does not buy insurance or join a mutual-aid program managed by the Korea Association of Property Appraisers in violation of Article 28 (2);
13. Where the appraisal corporation, etc. obtains authorization under Article 29 by improper means, such as preparing false articles of incorporation;
14. Where the appraisal corporation, etc. does not keep accounts under Article 29 (10), or does not prepare and submit financial statements under paragraph (11) of that Article;
15. Where the appraisal corporation, etc. does not replenish the shortfall or increase capital within the period under Article 31 (2);
16. Where the appraisal corporation falls under any of the following with regard to guidance, supervision, etc. under Article 47:
(a) Where the he or she does not report matters on duties or submit data, or makes a false report or submits false data;
(b) Where the appraisal corporation, etc. rejects, obstructs or evades inspection of books, documents, etc.;
17. Where the appraisal corporation, etc. fails to operate matters referred to in the subparagraphs of Article 29 (5) in accordance with authorized articles of association.
(2) Where the Korea Association of Property Appraisers under Article 33 deems that an appraisal corporation, etc. has a reason for which he or she falls under any of the subparagraphs of paragraph (1), it may make a request, accompanied by evidentiary documents, to the Minister of Land, Infrastructure and Transport to impose disposition of revocation of authorization for establishment or disposition of suspension from duties on the appraisal corporation, etc. <Amended on Apr. 7, 2020>
(3) Where the Minister of Land, Infrastructure and Transport revokes authorization for establishment or suspends duties pursuant to paragraph (1), he or she shall publicly announce the fact in the Official Gazette and notify the public thereof through an information and communications network, etc.
(4) The disposition of revocation of authorization for establishment or disposition of suspension from duties under paragraph (1) shall not be imposed after five years pass from the date a reason for disposition arises.
(5) The standard for revocation of authorization for establishment and the standard for suspension from duties under paragraph (1) shall be prescribed by Presidential Decree, and the methods and details of public announcement under paragraph (3) and other necessary matters shall be prescribed by Decree of the Ministry of Land, Infrastructure and Transport.