Sec. 31. (a) The commission may modify, suspend, or revoke a permit under IC 4-21.5 if the commission finds that the operator holding the permit has failed to comply with any of the following:
(1) The terms of this chapter.
(2) A rule of the commission.
(3) An order of the director.
(b) Upon revocation, the bond insuring compliance with the revoked permit is forfeited.