(c) The superintendent may revoke or suspend the registration of any litigation funding company if, upon notice and a hearing, the superintendent determines that the litigation funding company or any member, principal, officer, director or controlling person of the litigation funding company has:

1. (i) committed a violation of the insurance law, banking law or this chapter or any regulation promulgated thereunder, an order or subpoena of the superintendent or the head of another state's insurance, banking or financial services regulatory agency or federal agency with authority to regulate litigation funding companies, or has violated any other law in the course of engaging in the business of a litigation funding company;
2. (ii) provided materially incorrect, materially misleading, materially incomplete or materially untrue information in the registration application;
3. (iii) failed to comply with the requirements of this article or any other applicable provision of the banking law or the insurance law;
4. (iv) used fraudulent, coercive or dishonest practices in the conduct of litigation funding company business;
5. (v) improperly withheld, misappropriated or converted any monies or properties received in the course of business in this state or elsewhere;
6. (vi) admitted or been found to have committed any unfair trade practice or fraud; or
7. (vii) had its registration, or its equivalent, denied, suspended or revoked in any other state, province, district or territory.