(a) The Commissioner may deny a registration to a pharmacy benefits manager applicant or refuse to renew, suspend, or revoke the registration of, or issue a cease and desist order to, a pharmacy benefits manager if the pharmacy benefits manager, or an officer, director, or employee of the pharmacy benefits manager, does any of the following:
(1) Makes a material misstatement, misrepresentation, or omission in a registration or registration renewal application.
(2) Fraudulently or deceptively obtains or attempts to obtain a registration or renewal of a registration.
(3) In connection with the administration of pharmacy benefits management services, commits fraud or engages in illegal or dishonest activities.
(4) Violates any provision of this chapter or a regulation adopted under this chapter.
(b) [Repealed.]
(c) If the action by the Commissioner is to deny or not renew a registration, the Commissioner shall notify the pharmacy benefits manager of the decision, in writing, including the reason for the denial or nonrenewal of the registration. The pharmacy benefits manager may, within 10 days after the Commissioner provides notice under this subsection, make written demand on the Commissioner for a hearing before the Commissioner to determine the reasonableness of the Commissioner's action. A hearing under this subsection must be held under §§ 323 through 328 of this title.
(d) This section does not limit any other regulatory authority of the Commissioner under this title.