Section 7. A license may be suspended or revoked by the commissioner on the following grounds: (1) material misstatement in application for license; (2) failure to comply with the provisions of this chapter; (3) defrauding any retail buyer to the buyer's damage; (4) fraudulent misrepresentation, circumvention or concealment by the licensee through whatever subterfuge or device of any of the material particulars or the nature thereof required to be stated or furnished to the retail buyer under this chapter; (5) the existence of any fact or condition which, if it had existed at the time of the original application for such license, clearly would have warranted the commissioner in refusing to issue such license.
If a licensee is a partnership, corporation or trust, it shall be sufficient cause for the suspension or revocation of its license if any partner, officer, director or trustee thereof, so acts or fails to act as to constitute cause for suspending or revoking his license if he were licensed as an individual. Each licensee shall be responsible for any acts in violation of this chapter by any of his employees while acting as his agent, if such licensee after actual knowledge of said acts retained the benefits, proceeds, profits or advantages accruing from said acts or otherwise ratified said acts.