Sec. 5. (a) If the commission after a hearing conducted under IC 4-21.5-3 finds that:
(1) a statement or report required to be filed under this article was materially incorrect;
(2) the person filing the report was requested to file a corrected statement or report; and
(3) a corrected statement or report has not been filed;
the commission may invoke sanctions under subsection (b).
(b) If under subsection (a) the commission is authorized to invoke sanctions under this subsection, the commission may do either or both of the following:
(1) Revoke the registration of the person who has failed to file a corrected statement or report.
(2) Assess a civil penalty on that person in an amount not to exceed five hundred dollars ($500).