The commissioner may revoke or suspend the license of any licensee when, upon completion of an investigation, the commissioner determines that
(1) the license issued to the company was obtained by fraud;
(2) there was misrepresentation in the application for the license;
(3) the holder of the license has otherwise proven to be untrustworthy or incompetent to act as a premium finance company; or
(4) the licensee has violated any of the provisions of this chapter.