A. After a hearing, the Secretary may refuse to issue a license or may suspend or revoke a license for:
(1) Fraudulent or deceptive statements on an application for a license;
(2) Conviction of a violation of any of the provisions of this chapter;
(3) Failure to maintain adequate insurance on all grain received into the physical control or possession of the grain dealer; or
(4) Failure to notify the Secretary and to comply with the requirements of Regulation .03E of this chapter by a person who is handling more grain than allowed by the scope of the license.
B. If a license is suspended or revoked, it shall be returned immediately to the Secretary.