A registration may be revoked at any time for just cause as hereinafter provided. Grounds for revocation of a registration are as follows:
(1) Material misrepresentations made for the purpose of defrauding any member of the public or the sale of any materials which do not conform to the standards prescribed by the Commissioner or as set forth in KRS 250.650 to 250.720 by an owner or any regular employee, solicitor, agent, or representative of the owner.
(2) Failure by the owner to pay any final judgment rendered against any owner or regular employee, solicitor, agent, or representative of the owner by reason of violations of any provisions of KRS 250.650 to 250.720.