40-22-120. License suspension or revocation.
(a) The commissioner may suspend or revoke a licensee's license if the commissioner finds that:
(i) Any fact or condition exists that, if it had existed at the time when the licensee applied for its license, would have been grounds for denying the application;
(ii) The licensee's net worth becomes inadequate and the licensee after ten (10) business days written notice from the commissioner, fails to remedy the deficiency;
(iii) The licensee knowingly violates any material provision of this act or any rule or order validly promulgated by the commissioner;
(iv) The licensee is conducting its business in an unsafe or unsound manner;
(v) The licensee is insolvent;
(vi) The licensee has suspended payment of its obligations, has made an assignment for the benefit of its creditors or has admitted in writing its inability to pay its debts as they become due;
(vii) The licensee has applied for an adjudication of bankruptcy, reorganization, arrangement or other relief under any bankruptcy;
(viii) The licensee refuses to permit the commissioner to make any examination authorized by this act;
(ix) The licensee willfully fails to make any report required by this act;
(x) The competence, experience, character or general fitness of the licensee indicates that it is not in the public interest to permit the licensee to continue to conduct business.