Revocation of registration; grounds; notice and hearing; findings of fact; in lieu cease and desist order

a. A registration may be revoked after notice and hearing upon a written finding of fact that the developer has: (1) Failed to comply with the terms of a cease and desist order; (2) Been convicted in any court subsequent to the filing of the application for registration for a crime involving fraud, deception, false pretenses, misrepresentation, false advertising, dishonest dealing, or other like offense; (3) Disposed of, concealed, or diverted any funds or assets of any person so as to defeat the rights of purchasers; (4) Failed faithfully to perform any stipulation or agreement made with the agency as an inducement to grant any registration, to reinstate any registration, or to approve any promotional plan or public offering statement; (5) Advertised his lands or responded to applications for his lands in a manner which was discriminatory on the basis of marital status, sex, race, creed, or national origin; (6) Willfully violated any provision of this act or of a rule adopted thereunder; (7) Made intentional misrepresentation or concealed material facts in an application for registration filed for registration. b. Findings of fact, if set forth in statutory language, shall be accompanied by a concise and explicit statement of the underlying facts supporting the findings. c. If the agency finds, after notice and hearing, that the developer has been guilty of a violation for which revocation could be ordered, it may in lieu thereof issue a cease and desist order. Revocation of registration may be utilized only as a remedy of last resort.