(1) An agent's permit may be revoked by the commission for fraud or misrepresentation in procuring or soliciting a student or prospective student for enrollment in a course or courses of instruction or study offered or maintained by a proprietary school located within or without this state. An agent's permit may be revoked by the commission for a false or misleading written or oral statement in the application therefor submitted by the applicant with the intent to mislead or conceal the truth.
(2) In the event that the license of the proprietary school designated upon an agent's permit shall be suspended or revoked, or in the event said agent shall leave the employ of said approved proprietary school, the agent's permit shall be suspended by operation of law; provided, that the agent shall be given at least ten (10) days' written notice of said suspension, and of the suspension or revocation of the license of said proprietary school; and provided further, that said agent shall be entitled to obtain a reissue of his agent's permit for the remaining unexpired period of time, without an additional fee, with another approved proprietary school designated thereon.
(3) A license issued to a proprietary school may be suspended or revoked for the failure to maintain and operate a course or courses of instruction or study in compliance with the standards prescribed herein, or for violation of a Kentucky statute or an administrative regulation. A license may be suspended or revoked by the commission for a false or misleading written or oral statement submitted by the applicant proprietary school with the intent to mislead or conceal the truth.
(4) An agent's permit or the license of a proprietary school may be suspended or revoked by the commission for other valid reasons.
(5) A licensed proprietary school, prior to discontinuance of operation, shall convey all student records as required by the commission to a location designated by the commission. Said records may be retained in such a manner and for such a time as the commission may designate.