The commission may order a hearing on its own initiative or at the written request of any interested person, either before or after licensure of an investment adviser or investment adviser representative:

1. 1. For the purpose of administering or obtaining information necessary in the enforcement of this chapter or the rules or orders of the commission adopted or issued under this chapter.
2. 2. To enable the commission to take appropriate action in connection with any pending application for licensure of any investment adviser or investment adviser representative.
3. 3. To modify the terms and conditions of any license, order or notice filing.
4. 4. To determine whether the license of any investment adviser or investment adviser representative should be denied, suspended or revoked.