The commissioner may revoke or suspend the license of any licensee when, upon completion of an investigation, the commissioner determines that
- (1) the license issued to the company was obtained by fraud;
- (2) there was misrepresentation in the application for the license;
- (3) the holder of the license has otherwise proven to be untrustworthy or incompetent to act as a premium finance company; or
- (4) the licensee has violated any of the provisions of this chapter.