(1) The failure or refusal of any public utility, if persisted in, to permit the inspection or examination of its physical properties, premises, plants, equipment, accessories, books, papers, files, documents, contracts, agreements, or accounts shall be deemed cause for the cancellation of its charter or license to do business in this state.
(2) When such a fact is certified to the Secretary of State by the commission, he or she shall cancel the charter or license of the offending utility to transact business in this state.