The director may revoke or suspend or refuse to issue any license or agent's registration under that license if the applicant or holder of that license has:

1. (1) been convicted of a felony;
2. (2) violated any provision of this chapter; or

3. (3) violated any rule or regulation of the department promulgated under this chapter.

   Revocation or suspension of a license or an agent's registration shall be determined by the director after an administrative hearing as provided in section 12 of this chapter.

   Formerly: Acts 1975, P.L.274, SEC.3.