(a) The commissioner, subject to the appeal provisions allowed in Chapter 2A, may suspend or revoke a license, or deny a license application or renewal, issued under Section 40-12-221, 40-23-6, or 40-23-66 for reasonable cause including the following:
- (1) Fraud practiced or any material misstatement in the license application.
- (2) Changes of conditions in ownership or business structure after a license is granted or the failure to engage in or continue to engage in business for which the license is issued.
- (3) Failure to comply with Chapter 12 and this chapter, or any rule adopted thereunder.
- (4) Failure to provide or maintain a surety bond or in lieu of purchasing the surety bond, deposit with the department certified funds equivalent to the amount of the surety bond, as required in Section 40-23-6.
- (b) The Department of Revenue may adopt rules to administer this section.
(Act 2019-253, §2; Act 2022-53, §5.)