Before the Commissioner shall refuse a license or revoke any license he shall give ten days' notice, by registered mail, to the applicant or licensee of a time and place of hearing. At such hearing the applicant or licensee shall be privileged to appear in person or by or with counsel and to produce witnesses. If the Commissioner shall find the applicant or licensee shall have been guilty of any of the acts provided in Section 46-41-120, the Commissioner may refuse, suspend or revoke such license, and shall give immediate notice of his action to the applicant or licensee.

The Commissioner may temporarily suspend and take possession of any license simultaneously with the institution of proceedings under this section or Section 46-41-70 if he finds there is imminent danger to public welfare.