The division of motor carrier and railroad safety may at any time, for good cause, suspend, and upon at least ten days' notice to the holder of any certificate or permit, and after hearing, revoke, alter or amend any such certificate or permit upon a finding:
(1) That the motor carrier has abandoned service;
(2) That the motor carrier does not give reasonable service based upon public demand;
(3) That the motor carrier is not financially fit to continue service; or
(4) That the motor carrier has failed to comply with the provisions of this chapter and the requirements, rules and regulations of the division of motor carrier and railroad safety.