The department may refuse to license an applicant or refuse to renew a license if it finds, after notice and a hearing pursuant to the Administrative Procedures Act, that the applicant or his agent has:

1. (1) violated a provision of this chapter or an order of the department;
2. (2) withheld material information in connection with an application for a license or its renewal, or made a material misstatement in connection with the application;
3. (3) been convicted of a felony or of an offense involving breach of trust, moral turpitude, fraud, or dishonest dealing within the past ten years. Any person who is in business as a mortgage loan broker or is an agent of a broker before October 1, 1998, and who has been convicted of a felony or an offense involving breach of trust, moral turpitude, fraud, or dishonest dealing within the past ten years may continue in business as a mortgage loan broker or agent, but if a mortgage loan broker or an agent of a broker is convicted of the above-referenced offenses on or after October 1, 1998, that person shall be subject to the provisions of this chapter.