§ 446-e. Revocation and suspension of licenses. 1. Powers of secretary of state. The secretary may revoke or suspend a license, impose a fine not to exceed five thousand dollars, order refunds to aggrieved parties, and issue reprimands, upon a finding that a licensee has violated any of the provisions of this article, or has made a material misstatement in his application for such license, or has been found to be engaged in fraudulent practices, dishonest or misleading advertising, or has demonstrated untrustworthiness or incompetency to act as an apartment information vendor.

2. Determination of secretary. In the event that the secretary shall revoke or suspend any such license, impose a fine or issue a reprimand, his determination shall be in writing and signed by him. The original thereof shall be filed in the office of the secretary and copies served personally or by registered mail upon the licensee, addressed to his principal place of business. All licenses shall be returned to the secretary within five days after receipt of notice of revocation or suspension, or in lieu thereof, the licensee shall make and file an affidavit in form prescribed by the secretary showing that the failure to return such license is due either to loss or destruction thereof.

3. The display of a license after revocation or suspension thereof is a violation of this article.