Suspension and revocation of license

The director of finance shall suspend or revoke a license, upon notice and reasonable opportunity to be heard by the licensee, if the director of finance finds: (1) The license was fraudulently procured or erroneously issued; or (2) The licensee or any partner or principal officer of the licensee, if a partnership or a corporation, has failed to comply with this chapter or the laws of the State relating to the registration of motor vehicles; or (3) The licensee has been guilty of a fraudulent act in connection with selling or otherwise dealing in a wrecked or rebuilt motor vehicle or in dealing in used motor vehicle parts or accessories; or (4) The licensee has been convicted of a felony or misdemeanor involving moral turpitude, and not pardoned; or (5) In case the licensee is a corporation, partnership, trust, or other business association, the director of finance may revoke or suspend the license in the event the director of finance finds that any officer, director, trustee, employee, or partner of the licensee has been guilty of any act or omission which would be cause for revoking or suspending a license issued to such officer, director, trustee, employee, or partner as an individual; or the director of finance's findings may be based on facts contained in the application, or any other information the director of finance may have, or both.