The department shall suspend or revoke a license, upon notice and reasonable opportunity to be heard, if it finds:
(1) The license was fraudulently procured or erroneously issued;
(2) The applicant, or any partner or principal officer of the applicant, if a partnership or corporation, has failed to comply with the provisions of sections 301.217 to 301.229 and the laws of this state relating to registration of and certificate of title of vehicles;
(3) The license is not displayed.