Authorized disciplinary action; grounds for disciplinary action; effect of revocation of license; orders imposing discipline deemed public records

1. The Commissioner may impose an administrative fine, not to exceed $500 for each violation, or suspend or revoke the license of a collection agency, or both impose a fine and suspend or revoke the license, by an order made in writing and filed in the Office of the Commissioner and served on the licensee by registered or certified mail at the address shown in the records of the Commissioner, if: (a) The licensee is adjudged liable in any court of law for breach of any bond given under the provisions of this chapter; or (b) After notice and hearing, the licensee is found guilty of: (1) Fraud or misrepresentation; (2) An act or omission inconsistent with the faithful discharge of the licensee’s duties and obligations; or (3) A violation of any provision of this chapter. 2. The Commissioner may suspend or revoke the license of a collection agency without notice and hearing if: (a) The suspension or revocation is necessary for the immediate protection of the public; and (b) The licensee is afforded a hearing to contest the suspension or revocation within 20 days after the written order of suspension or revocation is served upon the licensee. 3. Upon revocation of his or her license, all rights of the licensee under this chapter terminate, and no application may be received from any person whose license has once been revoked. 4. An order that imposes discipline and the findings of fact and conclusions of law supporting that order are public records.