(a) The commissioner, subject to the appeal provisions allowed in Chapter 2A, may suspend or revoke a license, or deny a license application or renewal, issued under Section 40-12-221, 40-23-6, or 40-23-66 for reasonable cause including the following:
(1) Fraud practiced or any material misstatement in the license application.
(2) Changes of conditions in ownership or business structure after a license is granted or the failure to engage in or continue to engage in business for which the license is issued.
(3) Failure to comply with Chapter 12 and this chapter, or any rule adopted thereunder.
(4) Failure to provide or maintain a surety bond or in lieu of purchasing the surety bond, deposit with the department certified funds equivalent to the amount of the surety bond, as required in Section 40-23-6.
(b) The Department of Revenue may adopt rules to administer this section.