(a) The Contractors Licensing Board may revoke the certificate of license or registration of any contractor licensed or registered under this chapter who is found guilty of any fraud or deceit in obtaining a license or registration or for aiding or abetting any contractor or person to violate the provisions of this chapter or for gross negligence, incompetence, or misconduct in the conduct of the contractor's business.
(b) The board may revoke the certificate of license of a contractor licensed under this chapter who fails to obtain or maintain workers' compensation coverage as required under the Workers' Compensation Law, § 11-9-101 et seq., and § 17-25-514.